Bitcoin’s price surged on Monday, approaching $80,000 after U.S. exchange-traded funds recorded their best week since October. The ETFs attracted $1.9 billion in fresh capital, with BlackRock, Fidelity, Grayscale and Morgan Stanley among the main managers. Bitcoin gained 25% over the week, recovering from losses incurred in June and July when it traded below $65,000. The U.S. Treasury’s decision to at least double its long-dated bond buybacks drove down yields, boosting both bitcoin and gold. On the political front, President Donald Trump met with crypto executives and urged lawmakers to pass the Clarity Act, with a vote scheduled for September.
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