Bitcoin Surges 23% in a Week, Reaches Highest Level Since Mid-May

Bitcoin continued its upward trend, reaching its highest level since mid-May. According to recent data from online digital currency exchange Kraken, the cryptocurrency rose 6.3% to $77,243 as of 18:54 Baku time.

The price gain represents a 23% increase in just one week, with investor inflows into US spot Bitcoin markets totaling nearly $520 million on Wednesday following the US Treasury Department's announcement of an increase in buybacks of long-term government bonds. This was the largest daily inflow in three and a half months.

The strong demand for Bitcoin is being attributed to institutional investors, as well as expectations of lower yields on US government bonds. The cryptocurrency sector has also received attention from politicians, with US President Donald Trump meeting with executives of companies operating in the sector and urging Congress to pass a sweeping digital assets bill known as the Clarity Act.