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

Bitcoin surged past the US$75,000 mark, marking a significant milestone in its recent price rally, as the crypto market continues to climb in Asia. The cryptocurrency reached a peak of US$75,740 by 10am in Singapore on Friday, a rise of over 4% in early Asian trading. This surge follows a sharp increase over the past two days, after the US Treasury announced plans to rein in long-term bond yields, causing investors to seek alternative investments like Bitcoin.

The market's exuberance is fueled by a 20% increase this week, with optimism around crypto further bolstered by a meeting between President Donald Trump and industry leaders, including executives from Coinbase Global and Payward. The President urged the Senate to pass the Clarity Act, a bill aimed at restructuring crypto market structures.

However, Matthew Sigel, head of digital assets research at VanEck, clarified that the recent price reaction is not due to the US Clarity Act, which has been a point of contention in the market, but rather the US Treasury's actions, which have reignited fears of fiscal dominance.