Bitcoin Blasts Past $75K on Fears of Fiscal Dominance
Bitcoin's value has surged past $75,000 as optimism grows in the crypto market. The cryptocurrency reached an all-time high of $75,740 by 10 a.m. in Singapore on Friday, following a 4% increase during early trading hours in Asia.
The price spike comes after the US Treasury announced measures to reduce long-term bond yields. This move has reignited fears of fiscal dominance, according to Matthew Sigel, head of digital assets research at VanEck.
Bitcoin's value has appreciated nearly 20% during the week, building on a remarkable increase following the Treasury Secretary's announcement that the department would expand its bond buyback programme. The Clarity Act, a proposed framework for regulating the crypto market, has also been fuelled by recent meetings between President Donald Trump and industry leaders.