By market value, the world’s largest cryptocurrency rose 6.9% to $77,675.94 and reached its highest level since May. Since Wednesday, its value has increased by more than 20%.
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Friday was the third consecutive day that Bitcoin’s price increased by more than five percent.
The sudden rise occurred after US President Donald Trump urged lawmakers on Wednesday to pass a bill to promote the use of cryptocurrencies, the consideration of which was halted in the Senate.
Bitcoin’s rise was also driven by the US Treasury Department’s efforts to reduce government bond yields by doubling the purchase of government bonds. This move increased investors’ willingness to take more risks.
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The prospect that interest rates reduce the attractiveness of safer investments, which boosts demand for riskier assets such as cryptocurrencies.
“Renewed optimism about progress on cryptocurrency issues in Washington helped ignite the fire regarding Bitcoin’s price,” said eToro’s US investment analyst Bret Kenwell. “Falling Treasury bond yields and the liquidation of short positions further fueled the price rise.”
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