Bitcoin Surges 23% in Biggest Weekly Rally Since March 2023

Bitcoin is poised for its strongest weekly gain in over three years as investors respond to falling long-term US bond yields, increasing institutional demand, and renewed optimism around the cryptocurrency market.

The world's largest cryptocurrency has climbed up to 9.4% and was trading near $77,500 in late New York trading, with a weekly gain of roughly 23%, potentially marking its biggest seven-day increase since March 2023.

This surge followed US Treasury Secretary Scott Bessent's announcement that the government would at least double its purchases of longer-dated bonds, pushing long-term yields lower and encouraging investors to increase exposure to riskier assets.

The rally was also amplified by a wave of short-position liquidations, with nearly $2.5 billion in leveraged bearish Bitcoin positions and about $4.5 billion across cryptocurrencies reportedly liquidated over three days, according to Coinglass data.