IG analysts note that the rise in Bitcoin, which remains close to multi-month highs but below the $80,000 key level, is fueled by the "dollar debasement trade." This trend is prompted by concerns over high levels of U.S. debt and potential prolonged inflation. Cryptocurrencies have also gained since the U.S. Treasury announced last week it would double its purchases of longer-term securities. Bitcoin is still below Tuesday’s three-month peak of $81,237, according to LSEG data.