Bitcoin hit $70,000 on bond decline and Trump plans

Bitcoin prices rose above $70,000 for the first time in more than two months, supported by a decline in U.S. Treasury yields and expectations of moves by President Trump regarding the regulation of the cryptocurrency market. This came after the U.S. Treasury Secretary announced plans to buy back long-term bonds, leading to a drop in yields and boosting the appeal of high-risk assets like Bitcoin. Additionally, Trump's meeting with senior officials from cryptocurrency companies, including Coinbase and Biorad, boosted market sentiment and rekindled hopes for regulatory clarity through the "Clearity" bill. Meanwhile, Bitcoin funds experienced the largest outflow in six weeks, as markets continued to await the U.S. Federal Reserve's decision on interest rate hikes.

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