Bitcoin rally nears $80,000 after strongest ETF week since October

Bitcoin climbed to $79,954 on Monday and traded more than 2% higher over 24 hours. Bitcoin had earlier passed $79,155. Bitcoin rose 25% over the past week after trading mostly below $65,000 in June and July. U.S. Bitcoin ETFs received $1.9 billion in new cash last week, according to Farside Investors. BlackRock, Fidelity, Grayscale, and Morgan Stanley manage some of the funds. The Treasury Department announced plans last week to at least double long-dated bond buybacks. The announcement was followed by lower yields and higher prices for bitcoin and gold. Bitcoin had its best week since 2023. President Donald Trump met crypto executives and urged lawmakers to advance the Clarity Act. Lawmakers will vote on the legislation in September. The proposed law would distinguish digital assets as securities, commodities, or payment stablecoins.