Bitcoin Nears $80,000 as Strongest Weekly Rally in Over Three Years Ignites

Bitcoin's price surged on Saturday, nearing the $80,000 mark as it experienced its strongest weekly gain in over three years.

The cryptocurrency jumped 4.8% in 24 hours and was trading at around $78,588 as of 9:10 am, with a 24.5% increase across the past week.

This impressive rally is attributed to a US Treasury announcement that it would double its long-dated bond buybacks, pushing long yields lower and lifting risk appetite across markets.

Analysts say this move forced the liquidation of billions of short positions, amplifying the price move in crypto.