India, Aug. 20 -- Bitcoin moved above $70,000 for the first time in more than two months, showing that more investors are buying the cryptocurrency again. Bitcoin rose more than 3% to above $71,500, its highest level since June 1. It was trading around $71,936, up more than 3.5% in the past 24 hours. Bitcoin is also about 15% higher since Monday.

One major reason behind the Bitcoin rally was a move by the US Treasury to increase its purchases of long-term US government bonds. US Treasury Secretary Scott Bessent said the US would at least double its buybacks of longer-term Treasury bonds.

The announcement pushed US Treasury yields lower and sent the US dollar to its lowest level in three months, Bloomberg reported. Lower bond yields and ...