Bitcoin Heads for Best Week Since 2024 as Trump-Fueled Crypto Rally Rages On — Barrons.com

By George GloverBitcoin was on track for its best week in more than two years as investors continued to piled into digital assets after President Donald Trump called for Congress to pass key legislation.The world's largest cryptocurrency has risen 8.1% to $77,445 in the past 24 hours. Its 22% gain this week is its best weekly performance since March 2024, according to Dow Jones Market Data.Other tokens were also rising. Ethereum jumped 5.2% and XRP surged 16% over the past 24 hours, according to data from the Kraken crypto exchange.Digital assets have broken out of a long slump in recent days. Trump met with crypto executives at the White House on Wednesday and called for Congress to vote through the Clarity Act, which would regulate Bitcoin and other tokens as commodities instead of securities.The bill faces a procedural vote on Sept. 15.It wasn't just Trump that boosted cryptos this week. Treasury Secretary Scott Bessent said on Wednesday that his department would boost longer-duration debt buybacks, which sparked a retreat in bond yields.Lower borrowing costs tend to lift cryptos because they make bonds and other interest-bearing assets less appealing and add liquidity to the market.Short covering also helped to drive digital assets higher. More than $1.2 billion Bitcoin short positions were liquidated, per data from Fundstrat.The rally has had a knock-on effect on crypto stocks, and those were rising again on Friday. Coinbase gained 10%, Robinhood added 13%, and Strategy jumped 5.7% in early trading.Write to George Glover at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.