Bitcoin and gold surged this week as bond-market turmoil and U.S. policy moves pushed investors toward alternative assets. Bitcoin rose above $77,000 on Friday after falling below $60,000 at the end of June, while gold climbed to $4,661. The Treasury Department said it would significantly increase buybacks of longer-term Treasurys, and President Donald Trump urged Congress to move quickly on crypto legislation. The rally also triggered heavy liquidations in bearish crypto bets.
An advertisement for the cryptocurrency Bitcoin is displayed on a building in Hong Kong on Nov. 18, 2021. AP-Yonhap
Bitcoin and gold shot higher this week, with both getting a boost from some frantic action surrounding the bond market, and the cryptocurrency also benefiting from activity in Washington.
Bitcoin had dropped from a January high of around $95,000 to below $60,000 at the end of June. Investors shied away from speculative assets earlier in the year and crypto supporters were concerned about the lack of movement on proposed regulation of the industry. On Friday, bitcoin rose above $77,000.
Gold hit a high above $5,300 in January but dropped to around $4,000 in June as rising rates made interest-bearing investments more attractive. Gold rose to $4,661 on Friday.
