Bitcoin Soars Past $79,000 on Regulatory Optimism and US Buyback Pledge
Bitcoin has surged past $79,000, marking its biggest run in years. The cryptocurrency's price rose by over 7% in a day and nearly 23% over the past week.
The recent surge can be attributed to positive regulatory news and an announcement from the U.S. Treasury. President Donald Trump called the proposed Crypto Clarity Act 'a very, very powerful piece of legislation', urging lawmakers to pass it.
Additionally, U.S. Treasury Secretary Scott Bessent announced that the department would double the size of its long-dated bond buybacks, sending yields down lower and supporting risk-on sentiment.
Standard Chartered's Global Head of Digital Assets Research, Geoffrey Kendrick, believes that a $100,000 price forecast by year-end is too low. He suggests that once investors remember how quickly prices can accelerate, an overshoot towards the all-time high of $126k before year-end may be possible.