Bitcoin Surges to Nearly $80,000 on Strongest Weekly Gains Since 2023

Bitcoin's price has surged to almost $80,000, marking its strongest weekly gains in over three years. The cryptocurrency gained around 9.4% on Friday, before retracing back to around $77,500 in late New York trading.

The rally was fueled by tighter liquidity in the market and traders becoming bolder with risk in digital assets. Additionally, Treasury Secretary Scott Bessent signaled that the Treasury would 'at least double' the volume of their longest-dated bond buyback programs, which is likely to curb yields and encourage investors into riskier assets.

The gains have also had a ripple effect across the cryptocurrency arena, with related digital tokens and equities in corporations operating in this space experiencing similar rallies. However, Bitcoin remains well short of its all-time record of $73,798 set in March of the current year according to CoinMarketCap.