Bitcoin Soars Past $79,000 as ETFs See Best Week Since October

Bitcoin's price surged over the past week, reaching new heights of $79,954 on Monday morning in New York. This marks a significant increase from its recent sluggish performance in June and July, where it mostly traded below $65,000.

The leading cryptocurrency has risen by 25% over the past seven days, with its price flying past $79,155. The surge in interest in Bitcoin can be attributed to several factors, including the Treasury Department's announcement last week to at least double the size of its long-dated bond buybacks.

Since the announcement, yields have gone down, while Bitcoin and gold have shot up. Additionally, positive regulatory news coming out of the White House has contributed to the coin's rise. President Donald Trump held a meeting with crypto executives earlier last week, urging lawmakers to pass the Clarity Act, which will establish a framework for distinguishing between digital assets that are securities, commodities or payment stablecoins.

Lawmakers will vote on the proposed law in September. Eric Balchunas, Bloomberg Intelligence ETF analyst, noted that this is one of the benefits of a commodity in a constant state of supply shock.