Bitcoin's sharp rebound has pushed the cryptocurrency market back above $3 trillion for the first time since January, with the world's largest digital asset climbing to an eight-month high as institutional buying and a wave of short liquidations accompanied the broader rally.
The digital-asset market has added more than $740 billion in value since the U.S. Treasury announced last month that it would increase buybacks of long-dated bonds, according to CoinGecko data cited by Bloomberg. Bitcoin reached $87,381 during U.S. trading Monday after rising nearly 8%, before retreating to around $85,000 Tuesday.
