Bitcoin · U.S. Treasury · CoinDesk
Bitcoin tops $77,000 as best week since 2023 pulls altcoins along for the ride
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Bitcoin BTC $ 77,602.44 climbed as high as $79,400 on Friday, adding 8.8% since midnight UTC as a rally kicked off by the U.S. Treasury on Wednesday gathered steam.
Key facts
- Bitcoin BTC $ 77,602.44 climbed as high as $79,400 on Friday, adding 8.8% since midnight UTC as a rally kicked off by the U.S. Treasury on Wednesday gathered steam
- A total of $3.3 billion worth of derivatives positions were liquidated on Wednesday and a further $1.25 billion were wiped out over the past 24 hours, according to CoinGlass
- The Altcoin Season index fell to 33 from 36, reflecting bitcoin dominance at 59.9% rather than weakness in other tokens
- The Dollar Index is at 98.77, down slightly and off its August highs, while Nasdaq 100 futures are up 0.43% after underperforming against the wider crypto market
Summary
Bitcoin surged as high as $79,400 on Friday and is up nearly 24% since Monday, putting it on pace for its strongest weekly advance since March 2023. Liquidations have cooled to $1.24 billion over 24 hours, down 62% from Wednesday's $3.3 billion, though shorts still account for $1.06 billion of the total. Derivatives positioning and rising open interest suggest notional exposure is being rebuilt, while spot demand metrics from CryptoQuant hint at potential further gains. Treasury on Wednesday gathered steam. The Treasury’s bond buyback announcement helped extend bitcoin’s gains from earlier in the week.