Finance

Bitcoin experienced a violent short squeeze that propelled its price past the $78,000 threshold and near $79,000 during intraday trading, marking a weekly gain of nearly 20%. The massive surge was primarily catalyzed by the U.S. Treasury Department's decision to expand its long-term bond buyback program, alongside supportive legislative commentary from President Trump. The rapid upward movement triggered extensive liquidations of bearish positions across major digital asset exchanges.

U.S. government bond yields moved higher to close out the week, with the 10-year Treasury yield reaching 4.737% and the 30-year yield hitting 5.276%. Short-dated notes led the upward shift, reflecting heightened investor expectations that the Federal Reserve may implement a rate hike at an upcoming meeting this year. These movements persisted despite public efforts by Treasury Secretary Scott Bessent to temper borrowing costs through verbal guidance and debt buybacks.

Spot gold climbed roughly 2% on Friday to end above $4,600 per troy ounce, positioning the precious metal for its third consecutive weekly gain. The commodity's upward trajectory has been fueled by escalating concerns regarding the U.S. national debt crossing the $40 trillion threshold. A subsequent softening of the U.S. dollar, amplified by the Treasury's domestic debt buyback operations, further incentivized global investors and central banks to seek safety in bullion.