SINGAPORE — Bitcoin rose by more than 4 percent in early Asia trading on Friday, extending a rally that started earlier in the week following policy announcements from the US Treasury.
The cryptocurrency reached a high of $75,740 as of 10 a.m. in Singapore. This upward movement builds on gains recorded over the preceding two days, after US Treasury Secretary Scott Bessent announced that the department would double the size of its bond buybacks. With these recent increases, Bitcoin is up by nearly 20 percent for the week.
Market sentiment was further influenced by recent political developments in Washington. President Donald Trump held a meeting with digital asset industry leaders, including executives from Coinbase Global Inc. and Payward Inc. During the meeting, President Trump urged the Senate to pass the Clarity Act, a proposed crypto market structure bill that has previously stalled due to disagreements over ethics provisions.
However, industry analysts offer varying perspectives on the primary catalysts driving the current price action. While some market participants attribute the momentum to legislative developments like the Clarity Act, others point to macroeconomic policy shifts.
Matthew Sigel, head of digital assets research at VanEck, addressed the price movement in a note to clients. 'This price reaction isn’t about the US Clarity Act, which many in the market are pointing to,' Sigel wrote. 'This is about what the US Treasury has done, which is reigniting fears of fiscal dominance.'
"The recent surge in Bitcoin highlights how macroeconomic policy changes and regulatory discussions directly impact digital asset markets. When central financial authorities alter bond buyback strategies, it immediately influences investor behavior across alternative asset classes. For entrepreneurs and businesses operating in the fintech and blockchain sectors, staying closely attuned to global macroeconomic shifts and regulatory developments is critical for long-term strategic planning and market navigation." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
