Crypto
Bitcoin Soars on US Treasury Bond Buyback Surprise
Bitcoin's price surged by about 6% to $68,102.19 on Wednesday, outperforming the broader market rally and showing a strong correlation with Gold.
The US Treasury's surprise announcement to at least double the maximum size of its long-term government bond buybacks to $4 billion per operation sparked a historic short squeeze.
This quantitative easing action lowered the 30-year yield, making risk assets more attractive. As Bitcoin broke above $66,000, it triggered over $1.3 billion in short liquidations, creating a rapid, self-reinforcing rally.