Traders bet bitcoin was stuck below $67,000. The Treasury blew that trade up in one afternoon | Fortune

Bitcoin has rebounded sharply this week after breaking through the $77,000 level, following a stretch in which it slid from roughly $95,000 in January to below $60,000 by late June. Gold also rose, adding to gains after falling to about $4,000 in June; it finished Friday at $4,661. The catalyst was Wednesday’s U.S. Treasury plan to at least double purchases of long-term Treasurys, alongside President Donald Trump urging Congress to move quickly on crypto legislation. The moves triggered a dollar sell-off and pushed investors toward “alternative assets.” Meanwhile, U.S. debt topped $40 trillion, fueling rate and inflation concerns.