Bitcoin Soars 22% After Trump's Crypto Summit and Treasury Buybacks

Bitcoin has broken out of its ten-month-long bear market, surging 22% in just one week. The cryptocurrency's sudden rally is attributed to President Donald Trump's crypto summit and increased Treasury buybacks.

The White House event saw Trump call for a 'fair version' of the CLARITY Act, a landmark crypto bill that would establish a regulatory framework for digital assets.

Investors are interpreting this as a sign that Trump is creating a market environment friendly to digital asset investors. The president also referred to ending the US's 'war on crypto once and for all.'

Treasury Secretary Scott Bessent announced the US would be doubling its buybacks of long-dated bonds, shifting the supply-demand balance in the market for US Treasurys.