Bitcoin surged past $79,000 on Friday, sustaining a significant multi-day rally following positive regulatory developments and an announcement from the U.S. Treasury.
The leading cryptocurrency reached a high of $79,319 before experiencing a slight dip, recently trading at $77,584. This marks an increase of more than 7% over a 24-hour period and nearly 23% over seven days. Earlier in the summer, during June and July, the asset primarily traded below $65,000.
Standard Chartered’s Global Head of Digital Assets Research, Geoffrey Kendrick, noted in a Friday research note that bitcoin's recent bear market has been the shallowest on record, accompanied by dampened volatility this year. Kendrick suggested that an overshoot toward the all-time high of $126,080 before the end of the year may be possible.
Last year, bitcoin reached a record high of $126,080 before plunging following a major liquidation event that closed over $19 billion in leveraged bets. Subsequent downward pressure on the price was driven by Federal Reserve reluctance to lower interest rates and geopolitical headwinds, including conflict in the Middle East.
Recent market momentum has been supported by regulatory updates. Although a vote on the crypto Clarity Act has been delayed until September, President Donald Trump endorsed the legislation on Wednesday, describing it as a powerful bill and urging lawmakers to pass it. The proposed legislation aims to establish a framework to distinguish whether digital assets function as securities, commodities, or payment stablecoins.
Additionally, U.S. Treasury Secretary Scott Bessent announced earlier in the week that the department would at least double the size of its long-dated bond buybacks. The announcement drove yields lower, reducing the opportunity cost of holding non-yielding assets such as bitcoin and gold while supporting broader risk-on sentiment.
