Bitcoin Smashes Through $70,000 as US Treasury Buys Back Government Securities
The cryptocurrency market has regained momentum due to improving liquidity conditions, leading to expectations of another bullish leg.
Bitcoin has broken past the $70,000 mark and is now trading above $71,000 after rallying 7% on Wednesday.
This rally followed the US Treasury Department's decision to expand its buyback operations for longer-dated government securities in an attempt to support market liquidity and ease rising borrowing costs.
The maximum value of each operation will increase from $2 billion to at least $4 billion, supporting market liquidity and placing downward pressure on yields.
The BTC/USD 4-hour chart has turned bullish thanks to the latest rally. Bitcoin is up by 10.9% in the last 24 hours and is now trading around $71,228.