Bitcoin Surges 22% in Three Sessions Amid US Treasury and SEC Developments

Bitcoin's price surged to its strongest week in years between August 19th and 21st, rising from around $64,100 to above $79,000. The cryptocurrency's value increased by roughly 22% over three sessions.

The price jump can be attributed to several factors. Firstly, the US Treasury announced on August 19th that it would buy back twice as much of its own long-term debt as previously planned, effectively reducing bond yields and making bonds less attractive to investors. This move led to a decrease in long-dated yields, with the 30-year yield falling from around 5.34% to approximately 5.19%.

Additionally, the Securities and Exchange Commission proposed rules specifically for crypto, rather than borrowing from stock market law, which could lead to easier fundraising for projects and clearer classification as a security or not. This news, combined with the Treasury's announcement, pointed in one direction and contributed to the price increase.