Bitcoin Breaks Through $68K as Treasury's Bond Buyback Plan Sparks Crypto Surge
The price of Bitcoin broke through the $68,000 barrier, while Ethereum surpassed $2,000. The surge was triggered by the U.S. Treasury's announcement to double its buybacks of long-dated debt. This move lifted the maximum operation size in the 10-to-30-year nominal sectors to $4 billion from $2 billion beginning September 9.
Coinglass reported $1.91 billion in liquidations over 24 hours, with $1.74 billion of those being shorts. The 30-year yield fell to 5.21% from Monday's 5.31% close, its highest since June 2007.
The Treasury's decision caught the crypto market by surprise, as Bitcoin had been stuck between $59,000 and $67,000 for seven weeks. Hayden Adams, the founder of Uniswap, believes that automated market makers will win the largest markets once tokenized assets trade in correlated pairs.