Bitcoin closed with a 22% weekly gain on Friday, following a spate of positive developments for the world’s largest cryptocurrency.
Bitcoin ended the day higher by 6% at $76,943.90, up from about $62,800 at the start of the week. Crypto-linked stocks rose, with Coinbase advancing 8% and Strategy up 6%.
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.
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.
Bitcoin/USD year-to-date.
Bitcoin’s move reflects an…
