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Bitcoin tops $79,000 as US Treasury-linked regulatory news lifts prices

Bitcoin rose more than 7% in a day to about $77,584 after briefly trading near $79,319, with a regulator-driven crypto clarity bill now expected to advance in September.

Reported · Written up by our desk · Bitcoin

Bitcoin surged past $79,000 on Friday, extending what the outlet called the biggest run in years after positive regulatory news and an announcement from the U.S. Treasury, Bitcoin Magazine reported. The leading cryptocurrency hit a high of $79,319 before trimming gains, and was recently priced at $77,584.

The move followed a period in which bitcoin spent much of July and June trading below $65,000, suggesting to some analysts that a bottom may already be in. Over the prior seven days, bitcoin was up close to 23%, with Standard Chartered’s Geoffrey Kendrick arguing that earlier year end targets may prove too conservative.

Kendrick said that after investors reprice how fast bitcoin can accelerate, an overshoot toward its all time high could be possible before year end, referencing the period after 6 October, which marks 12 months since the record high. The note also described bitcoin’s bear market as the shallowest on record, and cited volatility that has been dampened this year.

Bitcoin’s prior decline was linked to multiple headwinds, including the Federal Reserve’s reluctance to cut rates and geopolitical pressures tied to the war in the Middle East, Bitcoin Magazine said. On the regulatory side, the crypto Clarity Act vote was delayed until September, though President Donald Trump said the bill was very powerful and urged lawmakers to pass it, with the proposed law intended to set a framework for distinguishing between securities, commodities and payment stablecoins.

Latest closeBitcoin $77,492.02 ▲6.1%

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