Bitcoin edges toward 3-year weekly high

Bitcoin's price saw a significant increase, reaching $78,500, recording its largest weekly gain in three years of nearly 25%. This rise came after the U.S. Treasury Department announced the doubling of long-term bond repurchases, which led to lower bond yields and encouraged risk-taking in the markets. Additionally, the liquidation of over two billion dollars in short positions in the futures market, along with meetings with officials to support cryptocurrency regulation in Congress, contributed to boosting Bitcoin's price. Despite this growth, the price is still below the previous peak that exceeded $126,000 last year.

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