Bitcoin Soars 25% to Near $80K Amid Treasury's Expanded Buyback Operations

Bitcoin's price surged approximately 25% this week, reaching nearly $80,000 following an announcement by the U.S. Treasury that it would expand its buyback operations for long-term bonds.

The expanded program, which doubles the previous purchase amount to $4 billion per operation, helped ease long-term government bond yields from nearly two-decade peaks, according to market analysts.

As a result of this policy change, approximately $4 billion worth of short positions in cryptocurrency markets faced forced liquidation amid the price surge.

The U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $1.6 billion in net inflows over the past week, with BlackRock's IBIT fund alone attracting $503 million on Thursday.