Bitcoin hits highest level since May, rising 23% in a week

Bitcoin continued to climb, ending the week with an impressive gain and reaching its highest level since mid-May.

According to Report, citing Interfax and data from online digital currency exchange Kraken, the cryptocurrency rose 6.3% to $77,243 as of 18:54 Baku time. Bitcoin has gained 23% since the beginning of the week.

The agency notes that the cryptocurrency is being supported by strong demand from institutional investors, as well as expectations of lower yields on US government bonds.

Investor inflows into US spot Bitcoin markets totaled nearly $520 million on Wednesday following the US Treasury Department"s announcement of an increase in buybacks of long-term government bonds. This was the largest daily inflow in three and a half months.

On August 19, US President Donald Trump met with executives of companies operating in the cryptocurrency sector and urged Congress to pass a sweeping digital assets bill known as the Clarity Act. Consideration of the bill has stalled in the Senate amid disagreements between Republicans and Democrats.