Bitcoin Soars Above $77K as Treasury Intervention Sends Bond Market into Turmoil
Bitcoin and gold surged this week after a tumultuous few days in the bond market. The price of Bitcoin shot up from below $60,000 at the end of June to above $77,000 on Friday, while gold rose to $4,661.
The catalyst for the rally was the Treasury Department's announcement that it would increase its buybacks of long-term Treasurys by at least double. This move aimed to calm bond markets, but raised questions about whether the government is trying to push borrowing costs lower despite inflationary pressures.
President Donald Trump, who made nearly $1.2 billion from his crypto businesses last year, urged Congress to pass the crypto-friendly Clarity Act, saying it would 'keep us ahead of China, keep us ahead of everyone else.' The CFTC also met to discuss easing crypto rules.