Bitcoin was on track for its best week in more than two years as investors continued to piled into digital assets after President Donald Trump called for Congress to pass key legislation.
The world's largest cryptocurrency has risen 8.3% to $77,692 in the past 24 hours. It's up 22% since Monday, its best five-day stretch since March 2024, according to Dow Jones Market Data.
Other tokens were also rising. Ethereum jumped 8.4% and XRP surged 25% over the past 24 hours, according to data from the Kraken crypto exchange.
Digital assets have broken out of a long slump in recent days. Trump met with crypto executives at the White House on Wednesday and called for Congress to vote through the Clarity Act, which would regulate Bitcoin and other tokens as commodities instead of securities.
The bill faces a procedural vote on Sept. 15.
It wasn't just Trump that boosted cryptos this week. Treasury Secretary Scott Bessent said on Wednesday that his department would boost longer-duration debt buybacks, which sparked a retreat in bond yields.
Lower borrowing costs tend to lift cryptos because they make bonds and other interest-bearing assets less appealing and add liquidity to the market.
Short covering also helped to drive digital assets higher. More than $1.2 billion Bitcoin short positions were liquidated, per data from Fundstrat.
The rally has had a knock-on effect on crypto stocks, and those were rising again on Friday. Coinbase gained 7%, Robinhood added 5.6%, and Strategy jumped 11% ahead of the opening bell.
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