Bitcoin and Gold Surge Amid Treasury Debt Buybacks and Political Developments
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Bitcoin and gold shot higher this week, with both getting a boost from some frantic action surrounding the bond market, and the cryptocurrency also benefiting from activity in Washington.
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Financial TimesBitcoin and gold surge as Bessent’s bond market intervention weighs on dollar World’s biggest cryptocurrency on track for best week in more than three years
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The crypto rally came as the Treasury Department announced a surprise move to ramp up debt buybacks, sending Treasury yields lower, while Trump pushed lawmakers to pass “a fair version of the Clarity Act,” a crypto regulation bill, before the end of the year.
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FortuneThe first jolt arrived Wednesday when the Treasury Department announced plans to significantly increase its buybacks of long-term Treasurys, or government debt. On the same day, President Donald Trump, who made about $1.2 billion last year from various crypto holdings, urged Congress to move quickly on crypto legislation.
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However, on the day the Treasury announced its buybacks, Treasury yields fell, as did the dollar, and bitcoin blasted through that upper level of $67,000.
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MarketWatchThe U.S. Treasury Department’s buyback announcement this past week wasn’t enough to calm jittery stock and bond markets. But as bond yields climbed and the U.S. dollar weakened, prices of bitcoin and gold shot higher.
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Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 Fortune Bitcoin had dropped from a January high of around $95,000 to below $60,000 at the end of June. Investors shied away from speculative assets earlier in the year and crypto supporters were concerned about the lack of movement on proposed regulation of the industry. On Friday, bitcoin rose above $77,000.
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02 MarketWatch Market Extra Why an announcement from the Treasury sparked a rally in gold and bitcoin this week
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03 New York Post Business Bitcoin on Thursday surged above $70,000 – its highest level since June – as Treasury yields briefly plummeted and President Trump urged Congress to speed up passage of crypto-friendly legislation.
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Sources (4)
- marketwatch
- ft
- fortune
- nypost-biz