Bitcoin Surges 22% on US Treasury Bond-Buying Plan

Bitcoin surged nearly 22% over the past week, reaching near $78,000 on Monday as the US Treasury's bond-buying plan boosted market sentiment.

The cryptocurrency was last trading at $76,896. Over the past 24 hours, Bitcoin and Ethereum gained 0.90% and 1.37%, respectively.

A key catalyst behind the gains was the US Treasury's plan to at least double purchases of long-term government bonds, which eased pressure in the bond market and weakened the dollar.

According to CoinSwitch Markets Desk, this move revived the 'debasement trade', where investors turn to scarce assets like Bitcoin and gold as a hedge against currency weakness.