Bitcoin Reaches Nearly $80k Amid Regulatory Optimism and Debasement Trade

Bitcoin's price has surged to nearly $80,000 for the first time since mid-May after posting its best week in over three years. The cryptocurrency rose 1.5% to $78,980.4 by 17:45 ET (21:45 GMT), with an earlier session high at $79,975.8.

The gains were driven by favorable U.S. regulatory developments, a resurgence in institutional inflows, and the debasement trade amid a Treasury bond sell-off. The world's largest cryptocurrency soared 22.6% last week, its best weekly performance since March 2023.

President Donald Trump has called on policymakers to pass the Clarity Act, which would help establish a broader regulatory framework for the crypto industry in the U.S. However, passage of the bill stalled amid growing disagreements over nuances of the proposed legislation.