Bitcoin jumps nearly 20% to about $74,500 this week
Bitcoin is on a wild ride this week, soaring almost 20%, the largest jump since March 2024.
The price peaked at $75,740 before settling near $74,500.
If this keeps up, it'll mark Bitcoin's best week in over two years.
US Treasury buybacks, $2B short squeeze
A mix of big news fueled the surge: US Treasury Secretary Scott Bessent announced plans to double long-term bond buybacks, making investors more willing to take risks.
On the same day, President Donald Trump met with crypto leaders and pushed for progress on the Clarity Act, a key crypto regulation bill.
Plus, a massive short squeeze wiped out over $2 billion in bearish Bitcoin bets and US Bitcoin ETFs were on track for their largest weekly inflows since January.
All signs point to renewed optimism and serious institutional interest in crypto right now.