Bitcoin jumps past $78K as US policy shifts boost crypto - What Nigerian investors need to know
Bitcoin surged past $78,000 to its highest level since May, gaining about 23% this week - its best weekly performance in over three years. The cryptocurrency traded around $77,500-$80,000 in late New York trading after breaking above its 200-day moving average for the first time since December 2025.
The rally was triggered by US Treasury Secretary Scott Bessent's announcement that the department would at least double its long-dated bond buybacks, which lowered bond yields and lifted risk appetite. This was reinforced by President Donald Trump's meeting with crypto industry leaders including Coinbase Global, signaling a crypto-friendly approach and urging Senate adoption of the Clarity Act for regulatory certainty.
Institutional interest showed strong signals with US-listed Bitcoin ETFs receiving over $1 billion in inflows this week - their highest in six weeks. However, expert opinions remain divided: Geoffrey Kendrick of Standard Chartered cut his Bitcoin year-end target from $150,000 to $100,000, while Swan Bitcoin CEO Cory Klippsten predicts a potential October bottom for BTC.
Meanwhile, Ray Dalio of Bridgewater Associates recommends investors keep only "a small amount" in Bitcoin while overweighting bonds and allocating 10-15% to gold as risk management strategies. Gold itself reached its highest level since May amid dollar concerns.
For Nigerian crypto investors, this volatility presents both opportunity and caution - with Bitcoin's price swings demonstrating both its growth potential and inherent risk in the current macroeconomic environment.