Bitcoin Price Rockets 16% on Treasury Department's Plan to Buy Back Treasuries

The Bitcoin price has seen significant gains this week, increasing by 15.6% to reach US$73,307 according to CoinMarketCap.

This comes after United States Treasury Secretary Scott Bessent announced that the US Treasury Department will at least double the amount of longer-dated treasuries it plans to buy back to address surging bond yields.

While the Clarity Act, which would give the SEC and CFTC oversight into crypto trading, is stalled in Congress, Bessent's announcement has boosted hopes that the decades-high borrowing costs in the world's top economy may come off the boil.

Zach Pandl, Grayscale's head of research, speculated that Bitcoin potentially bottomed at $58,000 earlier this summer and that it's a compelling time for investors with longer-term horizons to be allocating to Bitcoin and the crypto asset class.