<\/p>\n
Bitcoin continued to rally in Asia on Friday, putting it on track for its best weekly gain in more than two years.<\/p>\n
The original cryptocurrency climbed as much as 4.2% to $75,740 and was sitting around $74 500 at noon in Singapore. It has advanced almost 20% this week, a gain that, if sustained, would be its biggest weekly increase since March 2024.<\/p>\n
Market exuberance returned to cryptocurrencies when US Treasury Secretary Scott Bessent announced Wednesday the department would at least double the size of its long-dated bond buybacks, triggering an upswing that forced traders to liquidate billions in short positions. The same day, President Donald Trump met with crypto industry leaders, further adding to optimism.<\/p>\n
Read:
Bitcoin roars past $70 000 as yields sink, Trump sparks optimism
Bitcoin\u2019s surge sees record $2.7bn of crypto shorts wiped
Bitcoin short squeeze ripples across a battered crypto complex<\/p>\n
\u201cThe real driver was the US Treasury doubling long-dated bond buybacks, which pulled long yields lower and lifted risk appetite broadly,\u201d said Rachael Lucas, an analyst at BTC Markets. \u201cNothing has rewritten Bitcoin\u2019s long-term case, but nothing\u2019s rewritten its volatility either.\u201d<\/p>\n<\/p>\n
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A short squeeze continues to be a major driver of rising Bitcoin prices, according to Adam Morgan McCarthy, lead researcher at LO:TECH, a London-based digital-asset liquidity and market data firm. Over $2 billion in bearish Bitcoin bets in the perpetual futures market have been liquidated since Aug. 19, according to Coinglass data.<\/p>\n
\u201cGold carries this week\u2019s real macro signal: it rallied cleanly on the Treasury doubling its bond-buying operations, with none of the forced buying that inflated Bitcoin\u2019s price,\u201d McCarthy said. \u201cIf you\u2019re looking for where investors are actually hedging against currency and inflation risk this week, gold shows it, and Bitcoin doesn\u2019t.\u201d<\/p>\n
Listen to the latest episode of the Crypto Pod: What happens to your cryptocurrency when you die?<\/p>\n
Trump\u2019s meeting, which included executives from the firms such as Coinbase Global Inc. and Payward Inc., was taken as a positive signal about the administration\u2019s commitment to crypto. Trump urged the Senate to pass the Clarity Act, a crypto market structure bill that stalled over disagreements concerning ethics provisions. The bill failed to come to a vote before the Senate\u2019s August recess.<\/p>\n
Institutional buyers returned to the market this week, with the US-listed spot Bitcoin exchange-traded funds on track for their largest weekly inflows since January. The 13 ETFs added more than $1 billion from Monday to Wednesday.<\/p>\n<\/p>\n
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\u201cTrump\u2019s crypto meeting, Clarity Act momentum, and positive ETF inflows added sentiment on top, but they weren\u2019t the whole story,\u201d said Lucas.<\/p>\n
In another sign of life, large holders of the token known as Bitcoin whales recently added roughly $2.75 billion worth of the token in 60 days, according to CryptoQuant.<\/p>\n
Bitcoin remains well off its peak above $126,000 last October, which came just ahead of a sharp selloff that took it as low as $58,642 at the end of June.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Bitcoin #track #biggest #weekly #gain #years<\/p>\n","protected":false},"excerpt":{"rendered":"
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