Bitcoin surged toward the USD 80,000 mark on Saturday, on track for its strongest weekly gain in more than three years amid optimism of traders related to a spike in bond yields.&nbsp;
<a href="https://www.mid-day.com/business/business-news/article/central-board-of-direct-taxes-issues-guidance-note-on-crypto-tax-transaction-reporting-23641790" target="_blank" rel="none noopener">The cryptocurrency</a> jumped as much as 4.8 per cent over 24 hours and was trading around USD 78,588 as of 9:10 am. Bitcoin (BTC) gained 0.6 per cent in the past hour and 24.5 per cent across the past week, marking a strong weekly rally as traders assessed a new initiative from the US aimed at fiscal consolidation.
Such a weekly advance was not experienced by the cryptocurrency since March 2023. Bitcoin last traded near USD 80,000 in May 2026.
Analysts said the rally was driven partly by a <a href="https://www.mid-day.com/business/business-news/article/rupee-appreciates-17-paise-to-9556-against-us-dollar-on-softer-us-treasury-yields-23645679" target="_blank" rel="none noopener">US Treasury announcement that it would double its long‑dated bond buybacks</a>, a move that pushed long yields lower and lifted risk appetite across markets.
The announcement forced the liquidation of billions of short positions, amplifying the price move in crypto, market participants said.
Meanwhile, gold also reached its highest level since May after concerns rose among investors that the intervention in the bond market will weigh on the dollar.
<a href="https://www.mid-day.com/news/world-news/article/donald-trump-calls-strait-of-hormuz-american-territory-vows-iran-will-never-have-nuclear-weapon-23646028" target="_blank" rel="none noopener">US President Donald Trump</a>'s meeting with executives from crypto firms such as Coinbase Global and Payward was also taken as a positive indication about the administration's favourable stance to crypto.
Institutional buyers returned to the market this week, with the US-listed spot Bitcoin exchange-traded funds set to clock their largest weekly inflows since January.
Collectively, 13 ETFs have seen inflows of over USD 1 billion so far this week, further driving the bullish mood in crypto.
Bitcoin remains far below its peak near USD 126,000 seen in October 2025, followed by a major sell-off that bottomed out at USD 58,642 in late June 2026.
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The sharp weekly rally in cryptocurrency was last seen in March 2023, and the Bitcoin last traded near USD 80,000 in May 2026

Bitcoin jumps to USD 78,588 after US decision to buyback long-dated bonds

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Such a weekly advance was not experienced by the cryptocurrency since March 2023. Bitcoin last traded near USD 80,000 in May 2026

Bitcoin surges this week after US decision to buyback long-dated bonds

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