Bitcoin Soars to Highest Level Since May on US Treasury Decision

Bitcoin has surged to its highest level since May, reaching $77,500 in late New York trading. This marks a significant gain for the crypto asset, which has advanced roughly 23% this week.

The rally is largely attributed to the US Treasury's decision to double the size of its long-dated bond buybacks, pulling long yields lower and lifting risk appetite broadly.

This move has triggered an upswing that forced traders to liquidate billions in short positions. As a result, institutional demand for Bitcoin was strong this week, with more than $1 billion pouring into US-listed Bitcoin ETFs.