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Bitcoin Soars to 11-Week High as US Treasury Doubles Debt Buybacks

Guavy AI Editorial Team
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BTC
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The Bitcoin price surged to an 11-week high on Wednesday after the US Treasury announced plans to double its debt buyback operations. The government's move aims to provide liquidity support in longer-dated nominal sectors, where market participants have consistently shown strong sponsorship.

Data from TradingView showed that the BTC/USD pair passed $69,700 on Bitstamp, up 6% on the day. This marks Bitcoin's highest level since June 2.

The US Treasury plans to at least double the maximum size of debt buyback operations to $4 billion per operation, beginning on September 9. This move is expected to fuel a broader risk-asset rally, as it adds liquidity as a buyer to the longer-term debt market.

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