Bitcoin surged past $79,000 as a massive $2.7B short squeeze, US Treasury bond buybacks, and strong ETF inflows fueled a rapid recovery from the

Bitcoin has continued its rocket upwards, and blew past $79,000 on Friday.

Bitcoin surged nearly 25% after the US Treasury doubled its long-dated buyback operations, triggering a massive short squeeze and risk-on rally.

Bitcoin's price surged further on Monday, flirting with $80,000 after U.S. exchange-traded funds had their best week since October.

Bitcoin climbed above $80,000 for the first time since mid-May, extending a 23% weekly rally, its biggest in about three years. The surge reflects renewed optimism around crypto…