Bitcoin Soars 20% in a Week, Reaches Highest Level Since May

Bitcoin's price surged to its highest level in months on Friday, continuing a blistering rally that has seen it soar more than 20% over the past week. The largest cryptocurrency gained over 5% at 8:37 a.m. ET, reaching $76,665. This significant jump comes as the market reacts positively to recent news and developments.

The rally began on Wednesday after the U.S. Treasury announced increased buybacks of government debt, triggering a brief surge in riskier assets. According to data from CoinGlass, a large short squeeze followed, with $2.7 billion in short positions liquidated. This sudden shift has contributed to Bitcoin's rapid price increase.

The cryptocurrency's price movement has also been influenced by President Donald Trump's renewed push for Congress to pass major crypto legislation. Trump urged lawmakers to pass the Clarity Act, which aims to establish clearer rules for the U.S. digital asset market. His comments have lifted sentiment across the sector, contributing to Bitcoin's continued upward trend.