10:49 ET--Bitcoin rises to its highest level in 14 weeks, rising nearly 3% to reach $79,769, according to LSEG data. This brings it close to the key $80,000 level. The U.S. Treasury's recent decision to increase buybacks of longer-dated securities has helped boost demand for bitcoin. The move highlighted concerns among investors about high U.S. deficits and government financing needs, boosting demand for "limited supply assets such as gold and bitcoin," says Stephen Coltman at 21shares in a note. This comes in addition to President Trump's renewed push for clearer digital-asset legislation. Bitcoin has benefited from huge short-covering as a result, with investors reversing previous bets that the crypto currency would fall.
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