Bitcoin Surges Past $79k as Regulatory Hopes Soar
Bitcoin's price has surged past $79,000, marking its biggest run in years. The cryptocurrency hit as high as $79,319 before dipping slightly, and was recently priced at $77,584 - a more than 7% rise over the past day.
This significant increase comes on the heels of positive regulatory news from the U.S. Treasury, which has pledged to double the size of its long-dated bond buybacks. This move has sent yields down lower, reducing the opportunity cost of holding non-yielding assets like Bitcoin and gold, and generally supporting risk-on sentiment.
Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, believes that Bitcoin's price could surge even higher, potentially reaching $100,000 by year-end. However, he notes that this would be an overshoot towards the all-time high of $126k before year-end may be possible.
Kendrick also stated that bitcoin's bear market so far has been the shallowest on record, and analysts have pointed out that the coin's volatility has been dampened this year. The recent price surge is also attributed to positive regulatory news, including President Donald Trump's support for the long-awaited crypto Clarity Act.