Bitcoin Blasts Past $68K as Risk Assets Surge
Bitcoin surged past $68,000 on Wednesday, marking a 6% gain and putting the cryptocurrency within reach of its next major resistance level at $70,000.
The price jump came amid a broader rally in risk assets, including stocks and US government bonds. The Treasury announced it would double the maximum size of operations in certain key maturity sectors from $2 billion to at least $4 billion between September 9 and November 4, which helped reverse a rise in US government bond yields.
The move had an immediate impact on markets, with yields dropping and Bitcoin's price rising. The 30-year Treasury yield fell to 5.187% at one stage, while the benchmark 10-year yield eased to around 4.65%. This shift in sentiment helped Bitcoin break through the $68,000 resistance level it had repeatedly failed to overcome over the summer.
According to CoinMarketCap data, the 24-hour trading volume during the movement was around $30.7 billion, a more than 42% increase that suggests the advance was met with increased activity.