Bitcoin Surges Past $79,000 on Good News From Washington

Bitcoin is on a tear. The world's biggest cryptocurrency (a digital currency that runs on the internet without a bank or government controlling it) shot up past $79,000 on Friday, marking its strongest run in years.

The price briefly touched $79,319 before easing back slightly. Here are the key numbers:

• Recent price: around $77,584
• Up more than 7% in just one day
• Up nearly 23% over the past week

Why is this happening now? Two pieces of good news from the US government gave Bitcoin a boost.

First, President Donald Trump praised the Clarity Act — a proposed law that would create clear rules for cryptocurrencies. It would sort digital assets into categories (like whether they count as investments or as payment tools). The crypto industry has wanted these rules for years. The vote is delayed until September, but Trump called the bill "very, very powerful."

Second, the US Treasury (the government department that manages the country's money) said it would buy back more of its long-term bonds (loans investors make to the government). This pushed down bond yields (the interest paid to bond holders). When bonds pay less, assets like Bitcoin and gold — which pay no interest at all — become more attractive by comparison.

How high could it go? Geoffrey Kendrick of Standard Chartered bank said his forecast of $100,000 by year-end might actually be too low. He suggested Bitcoin could climb back toward its all-time high of $126,080, a record set last year.

He also noted that Bitcoin's recent downturn has been the mildest ever recorded, meaning prices have been less wild than usual.

The bottom line: After a quiet summer, Bitcoin is roaring back, powered by friendlier government signals and shifting money trends. Whether it reaches new records remains to be seen — but momentum is clearly building.

This is an AI-generated summary. Read the original article at: https://bitcoinmagazine.com/news/bitcoin-surges-towards-80000