Bitcoin’s sharp rise this week may have been driven largely by easing pressure in the U.S. Treasury market. Signals from the White House supporting Treasury-market stability helped reduce investor concerns about bond-market volatility. Analyst Pedro Fontes said policy support for the world’s largest debt market could strengthen demand for scarce, predictable assets not dependent on expanding government debt, a description that fits Bitcoin. The longer-term trend will still depend on changes in Federal Reserve liquidity policy. The U.S. dollar index fell 0.88% yesterday to 98.77, its lowest level since May.