Bitcoin (BTC) closed at $72,200 (≈ 1 billion 640 million Korean won) on August 21, up 5.55% from the previous day. On Binance, it traded at $70,931, rising 5.11%. Ethereum closed at $2,321.79, up 3.37%, while XRP finished at $1.26, a 14.99% increase.
Bitcoin and the broader digital asset market moved in contrast to the U.S. equity markets that day. Bitcoin rose above $70,300, hitting its highest level since early June, while major digital assets such as Ethereum also showed strong gains.
In contrast, U.S. equities fell due to higher U.S. Treasury yields and rising international oil prices. The Dow Jones Industrial Average fell 1.3%, the S&P 500 dropped 0.9% and the Nasdaq dropped 1.0%. Long‑term Treasury yield hikes pressured the market, and the U.S. 10‑year Treasury fell 4.70% on August 20, up 6 basis points (1 bp = 0.01%) from the previous trading day.
Bitcoin’s rally began immediately after the Treasury Department announced a plan to expand long‑term Treasury buybacks. Bitcoin has concentrated leverage‑short positions around $72,000; a price rise may trigger short liquidation and further buying pressure. However, that process remains uncertain as the settlement of these positions has not yet been restored, so new capital inflows are still unclear.
According to analysts, digital assets such as Bitcoin start from lower rates and weaker dollar and tend to trend upward. The U.S. Treasury’s expansion of buybacks aligns with the view that lowering long‑term interest rates requires reducing debt; Bitcoin also appears to have risen following this sentiment.
The market’s analysis on Bitcoin’s surge suggested that new buying pressure is needed. Positioning in the futures market can influence short‑term price flow, and it is expected that actual buying pressure—not just speculation—will continue to lift the asset.