Bitcoin Surges as US Regulators Announce Boost to Bond Market

The price of Bitcoin rose nearly 8% to $69,757.0 on Wednesday, its highest level since June 1.

This increase was part of a broader crypto market surge, with most altcoins posting sharp gains.

Bitcoin's price jump coincided with a U.S. Treasury announcement that it would double buyback operations for long-dated bonds, sending yields down and boosting risk sentiment.

The White House hosted top financial officials and CEOs of major crypto-related firms ahead of the first meeting of the Commodity Futures Trading Commission's (CFTC) Innovation Advisory Committee, which was created to provide recommendations on technological changes in U.S. financial markets.