Bitcoin Price Roars Towards $80,000 Following Positive Regulatory News, US Buyback Pledge

Bitcoin roared past $79,000 Friday, sustaining the biggest run in years following positive regulatory news and an announcement from the U.S. Treasury. 

The leading cryptocurrency hit as high as $79,319 before dipping slightly. It was recently priced at $77,584, a more than 7% rise over the past day. Over a seven-day period, the coin has shot up by close to 23%. 

Bitcoin had spent most of July and June trading below $65,000. Some analysts had said that the bottom was likely in. 

And it may just be in: Writing in a note Friday, Standard Chartered’s Global Head of Digital Assets Research, Geoffrey Kendrick, said that a $100,000 price forecast by year-end was too low. 

“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,” he said. 

He added that bitcoin’s bear market so far has been the shallowest on record. Analysts have pointed out that the coin’s volatility has been dampened this year. 

Bitcoin notched a record last year of $126,080 but plunged soon after following the biggest liquidation event in the history of crypto. Over $19 billion in leveraged bets were closed, sending shockwaves through the market.