The biggest cryptocurrency in the world reached an intraday high of $79,500 on Friday—its highest amount in months before declining to about $77,700 as of this writing, up more than 25% from Monday. After a period in which the token had fallen well short of its 2025 highs throughout the most of 2026, the rally concludes one of Bitcoin’s most spectacular weeks in years.
After falling more than 50% from its all-time high of around $126,000 in October of last year to its low of about $57,600 in early July of this year, Bitcoin had been stuck grinding between $62,000 and $66,000 for six weeks in a row.
Over the course of the year, this protracted malaise had prompted traders to accumulate negative positions, speculating that the token’s poor performance would persist. These wagers violently unwound as the price broke higher this week, triggering forced short covering.
The second-largest cryptocurrency, ether, has climbed together with other digital assets on the same wave of positioning and momentum, which was strengthened by Washington’s signals of more liquidity.
To calm a nervous bond market, the US Treasury doubled the scale of its bond buybacks earlier in the week. On Thursday, US Treasury Secretary Scott Bessent pledged to increase the buybacks even more after yields increased again.
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