Bitcoin, Gold Surge as Dollar Falters Amid Treasury Intervention

Bitcoin and gold saw significant gains this week, thanks to a combination of factors. The price of bitcoin rose above $77,000 on Friday, up from below $60,000 at the end of June, while gold hit $4,661 on the same day.

The Treasury Department's announcement on Wednesday that it would significantly increase its buybacks of long-term Treasurys sparked a dollar sell-off and sent investors flocking to alternative assets like bitcoin and gold. The move was intended to calm bond markets, but raised questions about whether the government is trying to push borrowing costs lower despite inflationary pressures.

President Donald Trump's call for Congress to pass the crypto-friendly Clarity Act also contributed to the surge in bitcoin prices. The act would 'keep us ahead of China, keep us ahead of everyone else,' according to Trump.