Finance

Cryptocurrencies staged an aggressive rally, pushing the price of Bitcoin beyond the $77,000 threshold to record its strongest weekly performance in over two years. The digital asset's momentum was fueled by short squeeze liquidations and institutional demand via spot exchange-traded funds, which saw massive inflows. Investors responded positively to the Treasury Department's expanded bond buyback program alongside vocal administrative push for crypto-friendly legislation.

Yields on long-term government debt remained stuck near decade-long highs even after Treasury Secretary Scott Bessent announced an aggressive expansion of liquidity-support buybacks for 10- to 30-year notes. While the targeted bond-buying initiative was designed to calm nervous fixed-income markets, underlying concerns regarding inflation uncertainty and the rising national deficit continue to apply heavy structural pressure. Short-term adjustments softened the dollar, but failed to yield a permanent reduction in long-end borrowing costs.

Precious metals experienced a significant weekly surge, with front-month gold futures rising over 5% to settle at $4,624.10 per troy ounce. The commodity recorded its third consecutive weekly gain as a weakening U.S. dollar and fears over runaway federal borrowing drove investors into alternative safe-haven assets. Analysts indicate that macro fiscal anxieties are outweighing the traditional pressure normally exerted by elevated Treasury yields.