How bitcoin and gold went from a slump to an MVP week in just a few days

Bitcoin and gold surged this week after volatility around U.S. bonds and fresh political activity in Washington. Bitcoin fell from a January high near $95,000 to below $60,000 by the end of June, but jumped above $77,000 on Friday. Gold, which peaked above $5,300 in January before dropping to around $4,000 in June as higher rates favored interest-bearing assets, rose to $4,661 on Friday. The move began Wednesday when the Treasury Department said it would at least double its planned purchases of longer-term Treasurys to calm bond markets. Around the same time, President Donald Trump urged Congress to move quickly on crypto legislation. The dollar sold off and investors rotated into alternatives, including a “debasement trade” that now includes bitcoin.