Bitcoin Surges Past $77,000 Amid Treasury Yield Shift

Bitcoin's price has surged past $77,000 this week, making it the best week since 2023. According to Moomoo, the cryptocurrency's trading price is currently at $78,460.14, a 5.56% increase in the last 24 hours.

The surge comes as US Treasury Secretary Janet Yellen's efforts to lower long-end US Treasury yields had a direct market impact lasting less than a day. However, the move weakened the US dollar and drove gains in both gold and Bitcoin, reinforcing the logic of the 'currency depreciation trade.'

Short sellers were wiped out as ETF funds flowed back in significantly, with Bitcoin rising approximately 23% this week.