Bitcoin surpassed $75,000 on Friday, marking its first ascent above this threshold since early June. This surge followed an intervention in bond markets by Scott Bessent, which reportedly boosted the prospects for risky assets. The cryptocurrency's price climbed to $75,400, a substantial increase from its level below $65,000 the previous day.
This development occurred as former President Donald Trump advocated for Congress to establish new laws and rules governing the cryptocurrency sector. Trump has previously expressed a goal to make the United States the "crypto capital of the world" and has reportedly profited from his own cryptocurrency ventures.
The broader crypto market also saw gains, with crypto-related stocks such as Coinbase and Strategy experiencing rises. Despite the recent rally, Bitcoin remains down 14 percent year-to-date, and significantly below its all-time high of nearly $126,000 reached in October 2025. However, over the past five days, Bitcoin has shown a 20 percent increase.
In parallel, tax authorities have intensified their scrutiny of cryptocurrency investors suspected of tax evasion. HM Revenue and Customs has issued approximately 81,000 warning letters over the past year to individuals believed to have underpaid taxes on their crypto investments. This represents a 25 percent increase compared to the 65,000 letters sent in the preceding year, according to data obtained by accountancy firm UHY Hacker Young.
Tax officials are preparing to examine transaction data from cryptocurrency exchanges, which is expected to be made available next year. These "nudge" letters are being sent to encourage crypto holders to declare any unpaid taxes, particularly on profits accrued during the market's bull run in the three years leading up to October 2025. As with other assets, profits from cryptocurrency transactions are subject to capital gains tax.