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Bitcoin Soars Past $75K Amid Fears of Fiscal Dominance

Guavy AI Editorial Team
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Bitcoin prices surged past US$75,000 on Friday in Asia as the cryptocurrency rally continues. The original currency rose by more than 4% in early trading after the US Treasury's announcement to rein in long-term bond yields.

The market exuberance builds on gains from the past two days following Treasury Secretary Scott Bessent's plan to double the size of its bond buybacks. Bitcoin has now reached a 20% increase this week, with prices reaching as high as US$75,740 at 10am in Singapore.

Matthew Sigel, head of digital assets research at VanEck, noted that the price reaction is not solely due to the US Clarity Act. Instead, it's a result of the Treasury's move reigniting fears of fiscal dominance.

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