Gold, bitcoin went from chumps to champs very quickly this week
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…
This week, both Bitcoin and gold experienced significant increases, driven by frantic market activity surrounding bonds and additional factors in Washington. Bitcoin, which had dropped from a January high of about $95,000 to below $60,000 by the end of June, saw a surge, rising above $77,000 on Friday. Meanwhile, gold, which peaked above $5,300 in January but fell to around $4,000 in June due to rising interest rates making interest-bearing investments more appealing, also rose to $4,661 on Friday.
The positive movement began on Wednesday when the Treasury Department announced plans to significantly increase its purchases of long-term Treasurys, or government debt. On the same day, President Donald Trump, who reportedly earned around $1.2 billion last year from various crypto holdings, encouraged Congress to swiftly pass crypto legislation. The market responded almost immediately, with a dollar sell-off and a rise in the value of both gold and Bitcoin.
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- Gold, bitcoin went from chumps to champs very quickly this week koreatimes.co.kr
