Bitcoin Roars Back with Biggest Weekly Gain in Three Years

Bitcoin's price surged on Friday, heading for its largest weekly gain in three years. The original cryptocurrency jumped over 8% to around $78,500 by 9:53 a.m. London time.

This marks a 25% increase this week alone, which would be the biggest weekly gain since March 2023 if sustained.

The rally is attributed to several factors, including U.S. Treasury Secretary Scott Bessent's announcement that the department will double its long-term bond buybacks, lowering long-term bond yields and increasing risk appetite.

Analyst Rachel Lucas of BTC Markets noted that nothing has changed Bitcoin's long-term outlook but acknowledged its volatility remains unchanged.