Bitcoin Surges Past $79k on Regulatory News and U.S. Treasury Announcement

Bitcoin's price has surged past $79,000 after positive regulatory news and an announcement from the U.S. Treasury sent shockwaves through the market.

The cryptocurrency hit a high of $79,319 before dipping slightly, currently trading at $77,584, up over 7% in the past day.

Over the course of seven days, Bitcoin has risen by nearly 23%, marking one of its biggest runs in years.

Analysts had previously suggested that the bottom was likely in for Bitcoin after it spent most of June and July trading below $65,000.

The recent price surge can be attributed to several factors, including positive regulatory news. President Donald Trump has expressed his support for the long-awaited crypto Clarity Act, calling it a 'very, very powerful' piece of legislation.

Additionally, U.S. Treasury Secretary Scott Bessent announced that the department would at least double the size of its long-dated bond buybacks, which sent yields down lower and supported risk-on sentiment.

In a note, Standard Chartered's Global Head of Digital Assets Research, Geoffrey Kendrick, said that Bitcoin could surge back to $100,000 this year, but added that even this target may be too low. He stated that once investors remember how quickly prices can accelerate, an overshoot towards the all-time high of $126k before year-end may be possible.