Bitcoin rose more than 20% this week and moved above $77,000 on Friday, while gold climbed to $4,661, as investors shifted toward alternative assets following a sharp bond-market reaction and renewed crypto support in Washington. The U.S. Treasury Department said Wednesday it would at least double planned purchases of longer-term Treasurys, or government debt, helping calm a sustained sell-off but raising questions about efforts to reduce borrowing costs while inflation remains elevated. The dollar fell sharply, adding momentum to the so-called debasement trade, in which investors seek assets such as gold and bitcoin when concerns grow over currency value, debt and inflation. Bitcoin also benefited from President Donald Trump's call for Congress to pass the crypto-friendly Clarity Act and from regulatory developments that could make it easier for crypto companies and projects to raise money from the public. As bitcoin broke above a trading range of $62,000 to $67,000, short positions (bets that prices will fall) were forced to close. More than $4 billion in bearish crypto positions were liquidated during the rally, according to CoinGlass.