Bitcoin Breaks Above $68K as Whales Resume Buying
Bitcoin's price has broken above $68,000 for the first time since June as lower Treasury yields and renewed buying by large holders provided support to the cryptocurrency. The move came after the US Treasury announced plans to at least double its bond buyback operations to $4 billion or more per operation.
The announcement sent the 30-year Treasury yield down about eight basis points to 5.2%, with the 10-year yield also declining. Bitcoin gained about 5% over 24 hours, trading at $68,458 according to CoinGecko.
Data from CryptoQuant suggests large holders have started buying again, accumulating around 43,000 tokens worth approximately $2.75 billion in the past 60 days. This accumulation began after Bitcoin moved toward $60,000, according to the data.