Bitcoin surged on Friday and briefly traded above $79,000, extending what Bitcoin Magazine described as its biggest run in years after favorable regulatory news and a new announcement from the U.S. Treasury.
The cryptocurrency reached as high as $79,319 before slipping back slightly. It was recently priced at $77,584, up more than 7% over the past day. Over the last seven days, bitcoin has risen by close to 23%.
Bitcoin had spent most of June and July below $65,000. Some analysts had said the bottom was likely already in.
Standard Chartered says $100,000 may be too low
Bitcoin Magazine pointed to earlier commentary from Standard Chartered saying bitcoin could return to $100,000 this year. In a note published Friday, Geoffrey Kendrick, the bank’s Global Head of Digital Assets Research, said that year-end target may now be too low.
He wrote: 「Once investors remember how quickly prices can accelerate to the topside, and we get past the 6 October date (12 months after the all-time high) an overshoot towards the all-time high (USD126k) before year-end may be possible.」
Kendrick also said bitcoin’s bear market so far has been the shallowest on record. The report added that analysts have noted lower volatility in bitcoin this year.
Record high and liquidation shock remain part of the backdrop
Bitcoin set a record of $126,080 last year, then fell sharply after what the report called the biggest liquidation event in crypto history. More than $19 billion in leveraged bets were closed, sending shockwaves through the market.
Since then, the article said several factors have weighed on bitcoin, including the Federal Reserve’s reluctance to cut interest rates and geopolitical pressure such as war in the Middle East.
Washington developments helped support the move
According to Bitcoin Magazine, recent regulatory news has given bitcoin support. A vote on the long-awaited crypto Clarity Act has been delayed until September, but President Donald Trump said on Wednesday that the bill was 「a very, very powerful piece of legislation」 and urged lawmakers to get it passed.
The proposed law would create a framework to distinguish which digital assets should be treated as securities, commodities, or payment stablecoins, an approach the crypto industry has long called for.
Earlier this week, U.S. Treasury Secretary Scott Bessent said the department would at least double the size of its long-dated bond buybacks. The report said that pushed yields lower. Lower long-term yields reduce the opportunity cost of holding non-yielding assets like bitcoin and gold, and generally support risk-on sentiment.
This article first appeared in Bitcoin Magazine and was written by Mathew Di Salvo.