Bitcoin Blasts Past $75k Amid Trump-Backed Regulatory Hopes
Bitcoin has surged above $75,000 after a nearly 23% increase, marking its best weekly performance in over three years. The cryptocurrency's price reached an intraday high of $79,306.4 before settling at $78,405.5 by 17:34 ET on Friday.
The surge can be attributed to favorable U.S. regulatory developments, a resurgence in institutional inflows, and a debasement trade spurred by a Treasury bond sell-off. President Donald Trump's call for Congress to pass the Clarity Act, which aims to establish a regulatory framework for the U.S. crypto industry, has also contributed to the positive sentiment.
Raphael Zagury, CEO of Twenty One Capital, noted that Bitcoin's total addressable market is not limited to cryptocurrencies but rather encompasses savings and monetary premiums embedded in various assets. He expects Bitcoin to continue capturing share over time due to its monetary properties being difficult to replicate.