Bitcoin Soars Towards $80,000 Amid US Treasury Bond Buyback Boost
Bitcoin is nearing the $80,000 mark after experiencing its strongest weekly gain in more than three years. The cryptocurrency jumped as much as 4.8% over 24 hours and was trading around $78,588 as of 9:10 am.
The rally was driven partly by a US Treasury announcement that it would double its long-dated bond buybacks, pushing long yields lower and lifting risk appetite across markets. This move forced the liquidation of billions of short positions, amplifying the price move in crypto.
Analysts pointed to the announcement as a key factor behind the surge, saying it had 'lifted risk appetite' across markets. Institutional buyers also returned to the market this week, with US-listed spot Bitcoin exchange-traded funds set to clock their largest weekly inflows since January.