Bitcoin Soars Past $70,000 as Risk Appetite Boosted by US Treasury Buybacks

Bitcoin has reached a new milestone by crossing the $70,000 mark, extending its sharp recovery in the cryptocurrency market. At around 3:15 pm, the world's largest cryptocurrency was trading at $71,933.44, up 11.8% over the previous 24 hours.

The US Treasury's decision to increase bond buybacks has helped improve risk appetite across markets, making riskier assets such as cryptocurrencies more attractive to investors. Roshan Aslam, Co-founder and CEO of GoSats, attributed this move to a short squeeze, where traders who had bet on Bitcoin falling were forced to cover their positions as prices rose.

Another factor supporting the recovery is buying by large Bitcoin holders, commonly referred to as whales. According to Aslam, whale wallets have added nearly $3 billion worth of Bitcoin over the past couple of months, suggesting genuine accumulation rather than short-term trading.