Bitcoin Surges 40% in Its Best Quarter Since Late 2024

According to reporting by Bitcoin Magazine, bitcoin is on course for one of its best quarters ever, surging 40% over the past quarter in its best performance since Q4 2024. The price has jumped mostly since the U.S. Treasury announced its debt buyback program, with prices up close to 30% since August 19. The Treasury planned to more than double the size of its government debt repurchases to lower bond yields. Lower long-term yields reduce the opportunity cost of holding non-yielding assets like bitcoin and gold.

Bitcoin recently traded at nearly $83,698, up 6% over a 30-day period. The debasement trade has heated up after total U.S. debt topped $40 trillion for the first time in July. Previously, bitcoin was battered after notching an all-time high of $126,080 in October, dropping over 50%. CryptoQuant noted last week that bitcoin returned to a bull market after crossing above its 365-day moving average. The coin achieved this growth despite the Federal Reserve raising interest rates and lawmakers blocking the Clarity Act.