Bitcoin Nears $80,000 on Trump Support, Weaker Dollar

Dow Jones19:35

Bitcoin is heading for its best week in more than three years, lifted by a weakening dollar and crypto-friendly comments from President Trump. The cryptocurrency was recently up 7% at around $78,000 and earlier this morning nearly got as high as $80,000 for the first time since May. The price has risen more than 23% this week, which would be its the strongest weekly performance since March 2023.

Trump ignited demand for bitcoin on Wednesday by urging Congress to pass legislation desired by the digital-currency industry. The cryptocurrency also tends to rise when fears mount about the U.S. fiscal situation, as they have this week. The WSJ Dollar Index, which tracks the greenback against a basket of currencies, is down about 1% for the week.

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