The bitcoin price surged near $80,000 amid news that the Treasury Department could use its general account to buy long-term Treasuries, akin to QE.

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

Bitcoin is up about 23% this week, on track for its best weekly gain since March 2023, as US Treasury bond buybacks lower yields and boost appetite for risk assets.