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Bitcoin has surged more than 23% over the past week, reclaiming the $77,000 range. Analysts say swelling US government debt and Treasury policy have helped push money into cryptocurrencies and precious metals.
Cointelegraph reported on Aug. 23 that Bitcoin briefly rose above $79,000 this week and was recently trading at about $77,559. Chart-analysis platform Barchart said Bitcoin had broken above its 200-day moving average for the first time since November 2025.
Altcoins also advanced. Ether gained 31%, Solana rose 28% and XRP jumped 53%. Spot Bitcoin and Ether exchange-traded funds took in a combined $2.61 billion over the past week.
The Kobeissi Letter said the rally reflected a mix of inflation, deficit spending and US Treasury policy. It added that the Treasury’s decision to more than double a specific Treasury buyback program to $4 billion helped drive gains in cryptocurrencies and precious metals. US national debt surpassed $40 trillion this week.
Bridgewater Associates founder Ray Dalio said investors should allocate about 15% of their portfolios to gold and put some money into Bitcoin to prepare for the fallout from the US debt problem. On the current trajectory, a debt crisis could arrive in about three years, he said.
Geoff Kendrick, Standard Chartered’s global head of digital-asset research, said his $100,000 year-end target for Bitcoin may be too low. The latest rally was driven mainly by short liquidations, he said, while spot ETF inflows have also started to recover.
Separately, President Donald Trump urged passage of the CLARITY Act, a crypto market-structure bill, during a meeting with digital-asset executives including Coinbase Chief Executive Officer Brian Armstrong and Gemini co-founders Cameron and Tyler Winklevoss. Trump said a fair version of the bill should be passed so the US can stay ahead of China. The measure faces a procedural vote on Sept. 15 and needs 60 votes to pass. Democratic senators say the bill is unlikely to pass unless Trump makes concessions on ethics provisions.
The Securities and Exchange Commission released a draft of new rules for the crypto industry. The proposal includes an exemption allowing token offerings of up to $5 million over four years and up to $75 million over 12 months, along with a safe-harbor provision that would not classify cryptocurrencies as investment contracts. A 60-day public comment period is under way.
CFTC Commissioner Michael Selig said he would pursue standalone crypto rules if the CLARITY Act fails to clear the Senate. If Democrats do not back the bipartisan bill, he said, he would direct CFTC staff to move quickly on drafting new regulations.
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Source: en.bloomingbit.io