Treasury's Bond Maneuver Sends Bitcoin, Gold Soaring

Bitcoin and gold shot up in value this week as investors sought alternative assets amid a tumultuous bond market. The U.S. Treasury Department announced plans to significantly increase its buybacks of long-term Treasurys, causing bond yields to fall.

The Treasury's actions were seen as an attempt to calm the bond market, but it also raised questions about whether the government is trying to push borrowing costs lower despite inflationary pressures.

President Donald Trump's call on Congress to pass the crypto-friendly Clarity Act and a proposed rule change by regulators made for a bullish week in Washington. The Treasury Department's surprise announcement sent shockwaves through the markets, causing investors to flock to alternative assets like gold and Bitcoin.