Bitcoin Soars Past $77,000 Amid Treasury Yield Jitters
US stocks rose on Friday but closed the week lower as Treasury yields remained near multi-year highs. Bitcoin surged more than 6% above $77,000, while gold futures climbed beyond $4,600 per ounce and oil prices extended their advance.
The Dow Jones Industrial Average gained 518 points on Friday, but the Dow, S&P 500, and Nasdaq Composite each recorded a weekly loss of at least 0.8% due to investor concerns about high long-term interest rates.
Treasury yields stayed elevated despite Treasury Secretary Scott Bessent's plan to expand long-dated government bond buybacks. The 30-year Treasury yield stood at 5.276%, while the benchmark 10-year Treasury yield finished at 4.737%.
Bessent indicated that more details on fiscal consolidation would be announced in the coming days, but investors are looking for substantive plans to slow the growth of federal borrowing rather than liquidity measures alone.