Bitcoin jumps above $77,000 as global stocks recover

Harry Archie August 21, 2026

Bitcoin rose sharply on Friday, while global stock markets recovered some of their recent losses as investors reacted to steps taken by the US Treasury to lower long-term borrowing costs.

Bitcoin gained nearly six per cent to trade above $77,000, its highest level since May. The cryptocurrency has risen more than 20 per cent this week.

The rally was also supported by US President Donald Trump’s call for lawmakers to pass cryptocurrency legislation that has stalled in the Senate.

Stock markets in the United States opened higher after a week of losses. London, Paris and Frankfurt also posted gains.

However, analysts said European markets were still on track for their worst weekly performance in nearly two months because of rising oil prices, inflation concerns and tensions between the US and Iran.

Oil prices remained strong as Washington and Tehran failed to reach an agreement on reopening the Strait of Hormuz.

The US Treasury bought back some of its own bonds this week in an effort to reduce borrowing costs after long-term bond yields climbed to their highest levels since 2007.

Despite the move, investors remain worried about rising inflation and the growing US national debt, which has now exceeded $40 trillion.

In Asia, South Korea’s stock market gained as chipmaker Samsung rose after announcing an $80 billion share buyback. Hong Kong also ended higher, while Tokyo fell and Shanghai closed flat.

The Japanese yen strengthened against the US dollar after inflation in Japan increased, raising expectations that the country’s central bank could increase interest rates next month.

Investors are now looking ahead to next week’s Jackson Hole meeting, where central bankers and finance officials are expected to discuss the outlook for interest rates and monetary policy.