Bitcoin leaps past US$75,000 as crypto rally continues in Asia

Bitcoin surged past US$75,000, climbing as high as US$75,740 by 10am in Singapore on Friday, continuing a rally that began earlier in the week, according to the source. The cryptocurrency's gains came after the US Treasury announced plans to curb long-term bond yields, sparking optimism in the market. Treasury Secretary Scott Bessent revealed that the department would double the size of its bond buybacks, leading to a 4% increase in Bitcoin's value during early Asia trading on Friday.

The market exuberance built upon gains seen over the past two days following Treasury Secretary Bessent's announcement. Bitcoin's value has risen almost 20% this week. Optimism around crypto was further bolstered by a meeting between President Donald Trump and industry leaders, including executives from Coinbase Global and Payward.

Trump encouraged the Senate to pass the Clarity Act, a bill aimed at restructuring the crypto market but stalled due to disagreements over ethics provisions. Matthew Sigel, head of digital assets research at VanEck, stated that the price reaction was not driven by the US Clarity Act, but rather by the US Treasury's actions, reigniting fears of fiscal dominance.