Over the past 48 hours, the price of Bitcoin has risen by about 18%, climbing above $77,600.

Bitcoin had not traded above the $70,000 level since late May, but it has now surged past that threshold.

This sharp rise in Bitcoin’s price has been largely influenced by the U.S. Treasury’s decision to increase its buyback operations for bonds at the longer end of the yield curve.

The U.S. Treasury surprised financial markets this week by announcing that it would double the maximum size of its long-term bond buyback operations, from $2 billion to $4 billion per session.

By stepping into the secondary market to purchase outstanding debt, the Treasury aims to inject liquidity, stabilize falling bond prices, and reduce borrowing costs for consumers and businesses.

Furthermore, President Trump has called on Congress to pass a “fair version” of the CLARITY Act, which is expected to pass in September. He also declared that America will remain the “undisputed leader” in Bitcoin and cryptocurrency.