Bitcoin Soars to $80,000 on Strongest Weekly Gain Since 2023

Bitcoin surged to $80,000 on Friday in its strongest weekly gain since March 2023, driven by tighter liquidity in the market and traders becoming bolder with risk. The largest cryptocurrency rallied as much as 9.4%, but retracted back to around $77,500 in late New York trading.

This significant jump comes as Treasury Secretary Scott Bessent signaled that the Treasury would 'at least double' its longest-dated bond buyback programs, which will likely curb yields and encourage investors into riskier assets. The plan provided an additional boost to Bitcoin's rally, with billions of dollars being closed on the back of the cryptocurrency's climb.

The gains also spurred similar rallies across the rest of the cryptocurrency arena, as well as related digital tokens and equities in corporations operating in this space. However, Bitcoin remains well short of its all-time record of $73,798 set in March 2023, according to CoinMarketCap.