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Bitcoin on track for 20% weekly gain as investor optimism floods back
Bitcoin was on track for a weekly gain of around 20% early on Friday, following a spate of positive developments for the world's largest cryptocurrency.
Bitcoin was last seen at $75,343.01, up from $62,836.88 at the start of the week. Crypto stocks followed suit on Thursday, with Coinbase and Circle closing up 7.5% and 6.45% each, while Strategy rose 7.8%.Â
The rally began Wednesday when Treasury yields pulled back sharply following the Treasury's bombshell intervention in the bond market, easing pressure on risk assets.Â
That helped trigger a broader move into crypto, which was later amplified by a massive short squeeze, with roughly $2.7 billion in crypto short positions liquidated, according to CoinGlass.Â
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