Bitcoin and gold rose sharply this week, with Bitcoin climbing above $77,000 after falling below $60,000 in June, while gold reached $4,661, up from around $4,000 in June.
On Wednesday, 19 August, the US Treasury announced plans to significantly increase its buybacks of long-term US government bonds.
The move was intended to ease pressure on the bond market following a prolonged sell-off that had pushed yields higher, as investors demanded greater returns to lend money to the US amid concerns about its growing debt.
Donald Trump earned around $1.2 billion from crypto last year and has called on Congress to introduce a more crypto-friendly regulatory framework.
The rise in Bitcoin and gold also came after US national debt reached a record $40 trillion, amid high inflation and the war in the Middle East.
The market reaction was almost immediate, with the dollar falling as investors moved towards alternative assets, including gold and Bitcoin.
Donald Trump earned around $1.2 billion from crypto last year and has called on Congress to introduce a more crypto-friendly regulatory framework. He repeated that call on Wednesday during a crypto conference at the White House.
Source: Associated Press
