How Bitcoin and Gold Went From a Slump to an MVP Week in Just a Few Days
Treasury buyback plans and crypto-friendly signals drove a rally that liquidated more than $4 billion in bearish positions, CoinGlass said.
- On Friday, Bitcoin rose above $77,000, driven by the Treasury Department's Wednesday announcement to significantly increase buybacks of long-term government debt and calm bond markets.
- Treasury Secretary Scott Bessent's maneuver caused Treasury yields and the dollar to fall sharply Wednesday, prompting investors to flood into alternative assets like gold and crypto in what markets call the "debasement trade."
- More than $4 billion in bearish crypto positions were liquidated during the rally, according to CoinGlass, which tracks cryptocurrency derivatives markets, as forced purchases added fuel to Bitcoin's surge.
- President Donald Trump held a White House crypto conference on Wednesday, urging Congress to pass the Clarity Act to keep the U.S. ahead of China while disclosing nearly $1.2 billion in personal crypto earnings last year.
- The national debt surpassed a record $40 trillion on Wednesday, underscoring inflation concerns as Treasury Department efforts to lower long-term borrowing costs risk compounding existing price pressures.
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The relief in the bond market after the intervention of the U.S. Treasury has been short-lived and cryptocurrencies and gold have become the main haven for...
How bitcoin and gold went from a slump to an MVP week in just a few da
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 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. …
Associated Press News
How bitcoin and gold went from a slump to an MVP week in just a few days
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.
Treasury announcement sparks rally in gold and Bitcoin
Increased Treasury buybacks may signal inflation concerns, driving investors to hedge with assets like gold and Bitcoin, impacting market dynamics. The post Treasury announcement sparks rally in gold and Bitcoin appeared first on Crypto Briefing.
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