Bitcoin Price Surges as US Debt Concerns Fuel Safe-Haven Rush

The Bitcoin (BTC) price surged to its highest level in months, breaking out of a consolidation phase and reaching $79,475 before pulling back slightly.

This rally was triggered by the announcement of US Treasury Secretary Scott Bessent's intervention to address soaring US bond yields, which jumped to 5.336%, up from their year-to-date low of 4.60%.

Investors are concerned about the record-high US public debt, which stands at $40 trillion, prompting a shift towards safe-haven assets like Bitcoin and gold, with the latter reaching its highest level in years.

The surge in Bitcoin's price was also driven by the influx of funds into spot Bitcoin ETFs, which added over $307 million in assets on Friday alone, bringing their total to $96 billion.