Bitcoin surged nearly 20 percent in a week, climbing above $75,000 during an extended Asia trading rally.
Bitcoin rose more than 4 percent in early Asia trading on Friday, pushing past $75,000 and extending a rally that began earlier in the week. The cryptocurrency climbed as high as $75,740 by mid-morning in Singapore, its highest level since May. The gain of almost 20 percent over the week put Bitcoin on track for its best weekly performance in more than two years.
The climb capped several days of steady gains. Bitcoin had traded in the mid-$64,000 range on Wednesday before moving up toward $70,000 and then breaking through the $75,000 mark late Thursday. Across two days, the price rose by more than $10,000. By Friday, it had crossed $75,000 for the first time in roughly three months.
The rally extended well beyond Bitcoin. Ether, the second-largest cryptocurrency by market value, rose to around $2,363 early Friday, up more than 25 percent from the previous week. Other major tokens also climbed, with Solana’s SOL, Binance’s BNB, XRP, and Dogecoin all posting gains during the surge. More than $2.7 billion in Bitcoin short positions were liquidated as prices moved higher, according to The National.
Bitcoin Rally Driven by US Treasury Bond Buyback Plan
The surge followed a move by the United States Treasury to address long-term bond yields. Treasury Secretary Scott Bessent announced that the department would double the size of its bond buybacks, expanding a program aimed at supporting longer-dated government securities. The announcement fueled renewed enthusiasm across financial markets, and cryptocurrency prices responded sharply.
A wave of short covering added to the climb. Market positioning had been heavily weighted toward bets that prices would fall, and as Bitcoin rose, many of those positions were forced to close. That process pushed prices up further and faster over a short window. The total cryptocurrency market capitalization rose several percentage points during the rally, reflecting broad gains across digital assets rather than a move limited to Bitcoin alone.
The rebound marked a turnaround from earlier in the summer, when Bitcoin had fallen from the low $70,000s into the $58,000 to $61,000 range. The recovery brought the cryptocurrency back through a consolidation zone it had held for several weeks and returned it to levels last seen in the spring.
Trump Crypto Legislation Push Boosts Market Sentiment
Political developments also shaped the mood in the market. US President Donald Trump met with industry leaders and urged the Senate to pass the Clarity Act, a bill that has stalled in Congress. The proposed legislation would clarify whether digital assets are treated as securities or commodities and would establish a clearer regulatory framework for the sector in the United States.
The push came alongside other regulatory activity. The Securities and Exchange Commission put forward a fresh crypto proposal, and a White House meeting brought together the president and prominent crypto executives. Together, these developments added to expectations of a more defined regulatory environment for cryptocurrency in the country.
Trading activity picked up sharply as the rally gathered pace. Higher volumes ran across both spot and leveraged markets, and crypto-related stocks moved higher in step with the tokens. Shares in companies with large Bitcoin holdings and in firms tied to the digital asset industry rose during the period as the price climbed.
Bitcoin has moved through several distinct cycles over its history, with large rallies followed by sharp corrections. The current move returns the cryptocurrency to the upper end of the range it has traded in during 2026, a year that has seen both a mid-year decline and a rapid recovery. The scale of the weekly gain stands out even against that backdrop, ranking among the steepest one-week increases the asset has recorded in more than two years.
Attention across the market now turns to whether the fresh demand behind the rally can hold and whether trading volumes stay elevated as prices settle at their new levels.
