Bitcoin broke through the $75,000 mark during Friday morning trading, putting the leading cryptocurrency on track to post a weekly gain of approximately 20% amid a renewed wave of investor optimism across the digital asset space.
The rally first gained momentum on Wednesday following Treasury Secretary Bessent's intervention in the bond market, which triggered a significant pullback in Treasury yields and eased pressure on risk assets. This sparked heavy capital inflows into the crypto market, which was subsequently amplified by a massive short squeeze, with roughly $2.7 billion in short positions liquidated, according to CoinGlass data.
Market sentiment improved further on Thursday as the White House and crypto industry leaders made final efforts to push the Digital Asset Market Clarity Act toward passage in the coming weeks. The legislation is widely viewed as a key catalyst for ending the crypto winter that began last autumn, although the odds of final approval appear relatively slim at this stage.
Bitcoin was last trading at $75,343.01, up from its weekly opening price of $62,836.88, representing a gain of nearly 20% for the week. Crypto-related equities moved higher in tandem on Thursday, with Coinbase Global closing up 7.5%, Circle advancing 6.45%, and MicroStrategy climbing 7.8%. The ProShares Bitcoin Strategy ETF (BITO) was up 5.5% in pre-market trading.
According to Max Studerlein, head of partnership business for Sygnum in the Asia-Pacific region, the Bitcoin surge is the result of both macroeconomic factors and policy catalysts working in concert. "The Treasury's decision to double its long-dated bond buyback program was aimed at addressing the challenge of rising long-term yields. High US debt levels combined with crowding-out effects from mega-cap tech companies issuing bonds have pushed up borrowing costs in the market," he explained.
Despite the recent sharp rebound, Bitcoin remains well below its 2026 intraday high of $94,820 reached in mid-January, as well as its all-time peak of $126,198 recorded on October 6 of last year.