Bitcoin rises to around $77,000 as U.S. government bond buyback momentum continues [Crypto Briefing]

[Financial News] Bitcoin climbed to around $77,000 as expectations grew that lower interest rates would follow the U.S. government's expanded buyback of long-term government bonds.
As of 10 a.m. on the 24th, Bitcoin was trading around $77,000, up 0.25% from the previous day on a 24-hour basis, according to global cryptocurrency information platform CoinMarketCap. Bitcoin has risen 23.36% over the past week. It is the first time in three months that Bitcoin has topped the $77,000 level, since May.
Bitcoin is trading at around 106 million won in the KRW Market. According to the global cryptocurrency price comparison platform Cryprice, the Korea premium stood at -0.84%.
As the U.S. Department of the Treasury expanded buybacks of long-term government bonds, long-term bond yields fell and the dollar weakened, reviving investor appetite for scarce assets such as Bitcoin. Gold also rose 3.6% to around $4,490 per ounce as of 6:30 p.m. local time on the 19th, reaching its highest level since May 29.
Lee Jun-ho, a researcher at Hana Securities, explained, "The expanded buyback limit eased concerns over long-term interest rates, weakened the dollar, and boosted demand for risk assets, which in turn led to a rebound in the prices of Bitcoin and gold."
The Crypto Fear and Greed Index, provided by CoinMarketCap, stood at 78 on the day, indicating "greed." The index ranges from 0 to 100, with values closer to 0 interpreted as "extreme fear" and values closer to 100 as "extreme greed."
At the same time, Ethereum was trading around $2,458, up 1.03% from the previous day. Ripple (XRP) was trading around $1.49, up 0.23%.
[email protected] Lim Sang-hyeok Reporter