Washington’s buy-back efforts of US debt and policy support of cryptocurrency from the White House have sparked the 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.

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…