Bitcoin Soars 23% in Wild Week, Sets Sights on $80,000
Bitcoin's price surged by over 23% in the past week, reaching as high as $79,500. The cryptocurrency is now hovering around $77,000, with many traders eyeing the next key level of $80,000.
The rapid ascent has been fueled by several factors, including the US Treasury's decision to double its planned buybacks of long-dated government bonds. This move has weakened the dollar and revived the 'debasement trade,' where investors buy scarce assets such as Bitcoin to protect their purchasing power.
Institutional money is also returning to Bitcoin, with spot ETFs attracting over $1.6 billion in investments since Monday. The rally has also seen the liquidation of over $4.3 billion worth of bearish positions, which has further accelerated the price increase.