Bitcoin has surged past $77,600, rising roughly 18% over 48 hours and more than 20% since the week began, extending a rally that earlier pushed the token above $72,000.
The climb accelerated after the U.S. Treasury said it would double long-term bond buybacks to $4 billion per session, with Treasury Secretary Scott Bessent saying he retains a "big toolkit" to address rising yields. Analysts at Bernstein and CryptoQuant pointed to liquidity expansion and the prospect of government Bitcoin purchases as key drivers.
On the regulatory front, the SEC proposed rule changes it said would provide clarity for crypto markets, while the CFTC warned it would use existing authorities to establish a crypto regime if the Clarity Act remains stalled in the Senate. President Trump, who met Coinbase and Robinhood executives at the White House on Aug. 19, called for a "fair version" of the legislation.