Bitcoin approached $80,000 on Friday, positioning the largest cryptocurrency for its strongest weekly gains in more than three years on tighter liquidity in the market, as traders become bolder for risk in digital assets.
Bitcoin surged as much as 9.4%, briefly approaching $80,000 before retracing back toward $77,500 in late New York trading.
Bitcoin gained about 23% so far this week for its largest weekly gains since March 2023.
The rally got an additional boost when Treasury Secretary Scott Bessent signaled Treasury would “at least double” the volume of their longest-dated bond buyback programs, a plan that will also likely curb yields and encourage investors into risker assets.
Billions of dollars were “closed on the back of bitcoin’s climb which drove up short liquidations, adding more momentum,” the strategy said. Signs of policy support for U.S. Investors in cryptocurrencies provided a more constructive environment after President Donald Trump called for Congress to pass legislation designed to help support the cryptocurrency industry.
Still, Bitcoin remains well short of its all-time record of $73,798 set in March of the current year according to CoinMarketCap.
The gains spurred similar rallies across the rest of the cryptocurrency arena, as well as related digital tokens and equities in corporations operating in the nascent and volatile space.
