Finance

Cryptocurrencies extended their recent rally, with Bitcoin jumping roughly 6% to break past the $77,000 threshold and notch its best weekly performance since 2024. The digital currency benefited significantly from a massive short squeeze earlier in the week alongside a weaker U.S. dollar. Furthermore, demand was amplified after President Trump urged Congress to pass the Digital Asset Market Clarity Act to establish regulatory definitions for the sector.

Treasury Secretary Scott Bessent announced that the government intends to double the maximum size of its long-dated bond buyback operations to $4 billion per issue. The liquidity-support initiative aims to stabilize a steep selloff in the fixed-income market and curb soaring long-term borrowing costs. While the move initially pulled long-term yields lower and softened the U.S. dollar, 30-year Treasury yields ultimately closed out the week elevated at 5.276%.

Spot bullion and gold futures advanced significantly at the end of the week, putting the precious metal on track for its strongest monthly performance since 1999. The surge comes as the U.S. national debt crossed a record milestone of $40 trillion, renewing investor interest in "debasement trades" to hedge against currency devaluation. Additional support for the safe-haven asset stemmed from a softening dollar following the Treasury's market interventions.