Bitcoin Soars on Hopes for US Crypto Legislation

Bitcoin surged to its highest level since May on Friday, fueled by optimism over U.S. cryptocurrency legislation and a surprise move by the U.S. Treasury to buy back more of its own bonds.

The world's biggest cryptocurrency by market value climbed 6.9% to $77,675.94, marking its third consecutive day of jumps exceeding five percent.

The sharp rise came after U.S. President Donald Trump urged lawmakers on Wednesday to pass the Clarity Act, a bill that has stalled in the Senate. The act aims to spur cryptocurrency use, which has been hindered by regulatory uncertainty.

Bret Kenwell, a U.S. investment analyst at eToro, attributed the rally to 'renewed optimism around crypto progress in Washington.' He added that falling Treasury yields and short liquidations also contributed to the surge.