Treasury's Surprise Move Sends Bitcoin, Gold Prices Soaring
Bitcoin and gold surged this week, benefiting from the US Treasury's surprise announcement to double its buybacks of long-term government debt. The move calmed bond markets but raised questions about whether it would push borrowing costs lower despite inflationary pressures.
The Treasury's intervention triggered a dollar sell-off and sent investors flocking towards alternative assets like gold and Bitcoin. Gold rose over 2% on Wednesday, while Bitcoin blasted through its $67,000 price ceiling and surged more than 20% for the week.
President Donald Trump's call to action on crypto legislation, made during a White House conference, also contributed to the rally. The Commodity Futures Trading Commission (CFTC) later announced plans to ease crypto rules, further boosting investor confidence.