Bitcoin Surges Near $80,000 Amid US Bond Buyback Boost

Bitcoin's price surge has reached its strongest weekly gain in more than three years. The cryptocurrency jumped as much as 4.8% over 24 hours and was trading around $78,588 at 9:10 am on Saturday.

The rally is attributed to a US Treasury announcement that it would double its long-dated bond buybacks, pushing long yields lower and boosting risk appetite across markets.

Analysts said the move forced the liquidation of billions of short positions, amplifying the price move in crypto. The increase in prices has also led to concerns among investors that the intervention in the bond market will weigh on the dollar.

Gold has reached its highest level since May, while US-listed spot Bitcoin exchange-traded funds (ETFs) have seen their largest weekly inflows since January, with 13 ETFs collectively witnessing over $1 billion in inflows.