How bitcoin and gold went from a slump to an MVP week in just a few days
Bitcoin and gold experienced a notable surge in value during a recent week, driven by various market developments. Bitcoin, which had plummeted from a January high of around $95,000 to fall below $60,000 by the end of June, saw a rise above $77,000 at the end of the week. Gold, which had also dropped from a January high of over $5,300 to around $4,000 by June, climbed to a high of $4,661 on Friday.
The surge in both assets was attributed to the Treasury Department's announcement of a significant increase in its purchases of long-term Treasurys, which aimed to stabilize bond markets following a sell-off. This move prompted investors to seek alternative assets, including gold and bitcoin. The Treasury's action, along with President Trump's advocacy for crypto-friendly legislation, further bolstered the market.
The rise in value of these assets can be understood in the context of the country's growing national debt and concerns over inflation and economic stability.
Written by urgent.news from Winnipeg Free Press's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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