Bitcoin rose 23% on Friday, fueled by several positive developments for the world’s leading cryptocurrency.
Bitcoin last traded at $77,226.96, up from $62,836.88 at the beginning of the week.
Other Crypto-related stocks also increased Friday, with Coinbase and Circle climbing over 5%, Strategy ETF gaining 9%. The ProShares Bitcoin Strategy ETF (BITO) rose 6.8% in pre-market trading.
Bitcoin’s rally started on Wednesday after Treasury yields sharply declined, following the Treasury’s unexpected intervention in the bond market, which eased pressure on risk assets.
Treasury Secretary Scott Bessent said Thursday he has a “big toolkit” to continue to address the rise in bond yields.
Bessent’s promise to unleash his big toolkit appears to have only emboldened the bitcoin bulls overnight into expecting more liquidity, which they have tended to reward with higher digital asset prices.
Further boosting sentiment this week is a White House meeting with President Trump and leading digital asset representatives from Coinbase and Robinhood.
Trump urged Congress to pass a “fair version” of the Clarity Act and declared that America will remain the “undisputed leader” in bitcoin and cryptocurrency.
This contributed to a wider shift into crypto, further intensified by a significant short squeeze that liquidated about $2.7 billion in crypto short positions.
By CEO NA Editorial Staff
