Crypto: Biggest weekly gain in two years: Bitcoin rises significantly and exceeds $77,000
The cryptocurrency is gaining more than 20 percent over the course of the week. This is also related to the high yields on government bonds. Two other factors are contributing to the increase in value.
Bitcoin has surged over 20% in a week, reaching nearly $78,000, its highest level since mid-May. The price jump was triggered by the US Treasury's announcement to double its long-term bond buyback program to at least $4 billion, which reduced yields, weakened the dollar, and increased investor risk appetite. The cryptocurrency's value had remained steady despite global economic uncertainty, but a massive short squeeze, where many investors bet on falling prices, contributed to the sudden increase.
The US President met with crypto industry leaders, including Coinbase and Payward, and called on the Senate to pass the "Clarity Act" to regulate the crypto sector. Bitcoin spot ETFs in the US saw inflows of over $1 billion from Monday to Wednesday, the strongest weekly value since January.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
