Finance

The largest digital currency advanced around 6% to cross above $77,000, logging its strongest single-week performance in roughly two years. The cryptocurrency was driven higher by a short squeeze, liquidity injections from the Treasury Department's expanded debt buyback program, and political backing for the proposed Digital Asset Market Clarity Act.

Long-term Treasury yields advanced with the 30-year note ending at 5.276% and the 10-year yield rising to 4.737%. Borrowing costs remained elevated despite efforts from Treasury Secretary Scott Bessent to suppress interest rates, fueling growing investor expectations for a Federal Reserve interest rate hike.

The Treasury Department's strategy to purchase more long-term debt weighed down the value of the U.S. dollar, which subsequently boosted precious metals. Gold futures registered a third consecutive weekly gain to finish at $4,624.10 per ounce, providing a tailwind to materials and mining companies like Freeport-McMoRan.