Bitcoin Surges 23% to Highest Level Since Mid-May

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

This impressive gain marks a 23% increase in Bitcoin's value since the beginning of the week. Strong demand from institutional investors and expectations of lower yields on US government bonds are contributing factors to this rise.

Investor inflows into US spot Bitcoin markets totaled 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.