Bitcoin jumps above $77,000 on US crypto policy hopes

The price of Bitcoin has surged above $77,000, driven by optimism over US cryptocurrency legislation and the US Treasury's move to buy back its own bonds. According to IOL, the cryptocurrency climbed 6.95% to $77,675.94, reaching its highest level since May. This represents a more than 20% increase since Wednesday.

The surge is attributed to US President urging lawmakers to pass the Clarity Act, a bill aimed at spurring cryptocurrency use that has stalled in the Senate, as per IOL. Additionally, the US Treasury's decision to double its sovereign bond buybacks, which aims to lower long-term borrowing costs, has increased investors' risk appetite.

Bret Kenwell, US investment analyst at eToro, noted that renewed optimism around crypto progress in Washington helped drive the rally, with falling Treasury yields and short liquidations adding fuel to the surge, as reported by IOL. Punch reports that the Bitcoin price rally is driven by optimism over US crypto legislation and Treasury bond buybacks.

Brief written by urgent.news from Punch, IOL — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.