Finance

Cryptocurrencies posted substantial weekly gains, driven by political momentum and shifting macroeconomic indicators. Bitcoin jumped more than 20% over five days to trade above $77,000, fueled by a short squeeze that forced bears to close out liquidations totaling over $4 billion. President Trump added to the positive sentiment by publicly urging Congress to advance the Clarity Act, a highly anticipated crypto market regulation bill.

Long-term government borrowing costs remained near decade-highs despite aggressive interventions by the U.S. Treasury Department. Treasury Secretary Scott Bessent announced plans to expand buybacks of long-duration debt, injecting liquidity into thin markets to ease pressures. However, 30-year Treasury yields closed the week elevated at 5.276% as persistent inflation worries and shifting Federal Reserve rate policies weighed on bond traders.

Semiconductor equities acted as a heavy drag on the broader technology sector, underperforming an otherwise widespread market recovery. While the wider Nasdaq stabilized due to gains in software and miscellaneous tech megacaps, the iShares Semiconductor ETF traded in the negative. Industry bellwether Nvidia fell nearly 0.8% on Friday, underscoring ongoing valuation anxieties regarding the sustainability of artificial intelligence infrastructure spending.