Bitcoin Soars on US Treasury's Expanded Bond Buyback Program
Bitcoin's price surged to $69,698 on August 19 after the US Treasury announced it would expand its bond buyback program. The move pushed the cryptocurrency up by nearly 9% in just three hours and over 8.7% from its intraday low of $64,112.04.
Analysts pointed to the Treasury's decision as the catalyst for the price jump, citing lower yields on long-term bonds and a weakening dollar. According to Benjamin Sarquis Peillard, founder & CEO of credit marketplace Cap, 'The bigger takeaway is that Bitcoin is increasingly trading within the broader macro environment: moves in rates, liquidity and the dollar can quickly feed through to crypto markets.'
Other analysts echoed this view, with Tim Enneking, managing partner of Psalion, stating that 'the proximate cause... for BTC's jump was the US Treasury announcement' and William Stern, founder of Cardiff, noting that the market had become oversold.