Crypto roars back as bitcoin posts its second-best week since early 2021

Crypto bulls enjoyed one of their strongest weeks in years, with bitcoin gaining 23.6% last week.

Bitcoin surged from around $62,000 to as high as $79,500 before settling near $77,000. It was bitcoin’s second-best weekly performance since February 2021, surpassed only by its rally after the Silicon Valley Bank crisis in March 2023.

Ether performed even better, climbing 31.3% from below $1,900 to above $2,520 before retreating just below $2,500.

The scale of the rally partly reflected the market conditions preceding it. Crypto had spent several months consolidating, while volatility continued to bleed to low levels and investors steadily accumulated.

This compression created the conditions for an explosive move, as positioning had become increasingly sensitive to any catalyst capable of breaking prices out of their ranges. That catalyst arrived when Treasury Secretary Scott Bessent announced an expansion of Treasury bond buybacks, pushing yields and the dollar lower, supporting risk assets.