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

Bitcoin experienced a significant surge on Friday, driven by optimism surrounding US cryptocurrency legislation and the US Treasury's decision to purchase more of its own bonds. The leading cryptocurrency by market value rose by 6.95 to reach $77,675.94, marking its highest level since May. Bitcoin's value has increased by over 20% since Wednesday, with this trend now extending for three consecutive days.

The sharp increase came after US President Donald Trump encouraged lawmakers to pass the Clarity Act, a bill aimed at promoting cryptocurrency use that has been stalled in the Senate. Additionally, the US Treasury's initiative to lower long-term borrowing costs by doubling its sovereign bond buybacks contributed to the rally, as this move lifted investors' risk appetite.

Analyst Bret Kenwell from eToro noted that the prospect of lower yields makes safer investments less appealing, thereby boosting demand for riskier assets such as cryptocurrencies.