Bitcoin Nears $80,000 as US Treasury Moves Boost Risk Appetite
Bitcoin continues its impressive rally, nearing the $80,000 mark on Saturday. This surge is part of its strongest weekly gain in more than three years.
The cryptocurrency jumped by as much as 4.8% over 24 hours and was trading around $78,588 as of 9:10 am. Over the past week, Bitcoin gained 24.5%, marking a strong weekly rally among traders.
This increase is largely attributed to optimism surrounding a US Treasury announcement that would double its long-dated bond buybacks. This move pushed long yields lower and lifted risk appetite across markets.
The market participants noted that the announcement led to the liquidation of billions of short positions, amplifying the price move in crypto. The return of institutional buyers also contributed to the bullish mood in crypto, with US-listed spot Bitcoin exchange-traded funds set to clock their largest weekly inflows since January.