By Jason Chau and Emese Bartha
Bitcoin rebounded sharply from weeks of low volatility and tight range-bound trading as institutional demand for the asset picked up.
The cryptocurrency jumped more than 9% to hit a peak of $79,455 on Friday, its highest level since late May, according to LSEG data. It last traded at $77,425, up 6.6% for the day.
iShares Bitcoin Trust ETF rose 6.5% today to $43.88 a share, putting it on pace to close at its highest level since May 21, and puts it close to its largest percentage gain since March.
The sharp gains come as a combination of catalysts converge. According to Zaye Capital Markets's Naeem Aslam, a jump in institutional spot demand, coupled with rising expectations of lower Treasury yields and forced buying from certain traders to close their losing bets have triggered the rally.
