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…
Bitcoin and gold experienced a remarkable surge this week, driven by frenzied activity in the bond market and Washington. Earlier in the year, Bitcoin had plummeted from a January high near $95,000 to under $60,000 by the end of June, causing investors to shy away from speculative assets. Crypto enthusiasts worried about the slow progress on proposed regulation of the industry.
On Friday, Bitcoin's value surged above $77,000. Meanwhile, gold, which peaked above $5,300 in January but fell to approximately $4,000 in June as higher interest rates made interest-bearing investments more appealing, rose to $4,661 on Friday.
The market's sudden turnaround began on Wednesday when the Treasury Department announced plans to significantly boost its purchases of long-term Treasurys, or government debt. The same day, President Donald Trump, who earned roughly $1.2 billion in 2020 from various cryptocurrency holdings, called on Congress to swiftly pass crypto legislation. This prompted an almost immediate reaction, including a sell-off of the dollar and a rise in the value of both gold and Bitcoin.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Gold, bitcoin went from chumps to champs very quickly this week koreatimes.co.kr
