Bitcoin and Meme Coins Surge on US Treasury's Debt Buyback Boost
Crypto markets are cheering the US Treasury's decision to double its debt buyback operations, which has improved market sentiment and liquidity conditions. As a result, Bitcoin (BTC) is extending its gains above $71,000, inching toward $72,000 at the time of writing on Thursday.
The move has triggered a short squeeze and provided a positive catalyst for the broader crypto market. This bullish momentum is also seen in other cryptocurrencies, including Ethereum (ETH), which remains above $2,200, and Ripple (XRP), which has recovered above $1.15.
Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are also trading in the green on Thursday, extending their previous day's gains linked to US Treasury bond buybacks. The technical outlook for these meme coins points to a bullish path forward.