1026 GMT - Bitcoin's recent rally marks a return to the debasement trade that began with Treasury Secretary Scott Bessent's intervention in Treasury markets, Capital.com's Kyle Rodda says. "That fundamental driver reveals a lot about Bitcoin's function and why it's remained relatively well supported recently," he says. "It's a trade on US policy largesse, an anti-fiat hedge and overall a portfolio diversifier." Rodda adds that bitcoin's prospects are looking increasingly positive and the lows of the cycle may have passed. Bitcoin is 0.3% higher at $86,046.