Bitcoin above $75,000 for first time since early June after Bessent's intervention in bond markets

See more This is Money on Google - save us as a Preferred Source Updated: 02:57 EDT, 21 August 2026 Bitcoin passed $75,000 for the first time since early June after Scott Bessent's intervention in bond markets.The injection of cash boosted prospects for risky assets as Donald Trump urged Congress to pass laws establishing rules for crypto.Bitcoin surged to $75,400 after the most popular crypto rose from under $65,000 the previous day.Crypto-related stocks such as Coinbase and Strategy also rose. But bitcoin is 14 per cent down this year and below its high of nearly $126,000 last October.In the past five days however, it is up 20 per cent.Trump has vowed to make the US the 'crypto capital of the world' and has profited from his own crypto ventures. Crypto climbs: Bitcoin surged 5% to nearly $72,700. It extended a sharp rally seen the day before which has seen the world's most popular cryptocurrency surge from less than $65,000Earlier in the week, we revealed that the taxman has ramped up its crackdown on cryptocurrency investors suspected of tax evasion.Crypto traders thought to have underpaid taxes on their investments have been warned via a barrage of letters sent out by HM Revenue and Customs.It has posted 81,000 warning letters to those suspected of underpaying tax in the past year – a 25 per cent increase on the 65,000 letters it sent in the previous year, according to a Freedom of Information request obtained by accountancy firm UHY Hacker Young.Warnings may come in the form of a letter, text message or notification.Tax authorities are expected to probe swathes of traders next year when it starts to receive telling transaction data from cryptocurrency exchanges.But before these investigations are launched, the tax authority is sending the 'nudge' letters to urge crypto holders to declare unpaid tax.Tax officials suspect there are large amounts of unpaid tax from the bull run crypto assets saw in the three years to October 2025.Like any other asset, investors must pay capital gains tax on any profits they receive when they 'dispose' of their cryptocurrency.DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you