Finance

Cryptocurrencies extended their sharp upward trajectory, with Bitcoin jumping roughly 6% to surpass $77,000 and reaching its highest levels in months. The rally was fueled by short liquidations, heavy institutional inflows into spot exchange-traded funds, and support from President Trump for upcoming crypto-friendly legislation. Digital asset-linked equities like Coinbase and Robinhood Markets also recorded double-digit or near-double-digit percentage gains.

The U.S. dollar slumped to its lowest level since May following an announcement from Treasury Secretary Scott Bessent to scale up long-term government debt repurchases. The strategic intervention aims to provide liquidity to the financial markets and control soaring long-term borrowing costs. While equity markets stabilized, short-dated Treasury yields continued to rise as market participants priced in higher odds of a Federal Reserve interest rate hike later in the year.

Spot gold prices surged more than 2% to cross $4,620 per ounce, marking the metal's highest level since mid-May and capping off a third straight week of gains. The premium safe-haven asset has been heavily supported by a softening U.S. dollar and intensifying worries regarding U.S. national debt, which recently breached the $40 trillion threshold. Elevated commodity prices gave an extra boost to mining equities, including Newmont and Freeport-McMoRan.