Bitcoin Soars as US Treasury Expands Long-Term Bond Buybacks

Bitcoin's price surged after the US Treasury announced plans to expand purchases of long-term government bonds. The move aims to stabilize the bond market, which has been impacted by rising interest rates. Starting in September, the Treasury will increase some long-term bond buybacks to at least $4 billion per operation from $2 billion.

The announcement had a ripple effect on the cryptocurrency market, with Bitcoin's price climbing more than 6% intraday to touch $69,749. This is the highest level since June 2, according to Cointelegraph. The yield on 30-year Treasuries briefly declined after the news.

As of August 20 at 2:10 a.m., Bitcoin was trading at $68,336.85 on Binance's Tether market, up 5.49% from a day earlier.