Bitcoin Surges Past $68K as Treasury Buybacks Boost Risk Appetite

Bitcoin surged above $68,000 on Wednesday morning trading hours in the US, marking a 6% rise over the past 24 hours. This increase came after Treasury Secretary Scott Bessent doubled the size of its bond buyback operations, which investors viewed as a potential backstop for liquidity in the over-$30 trillion Treasury market.

Crypto stocks also saw gains, with Bullish leading the way at nearly 13%, followed by Coinbase's 11% increase. This surge led to $1.4 billion in short positions being liquidated in just four hours, according to CoinGlass data.

Ethereum and several altcoins outperformed Bitcoin during this rally, with Ethereum rising 8.44% to $2,084 - its highest level since May 27. Solana is up 7% at $82. Open interest on ETH trading pairs spiked from $11.7 billion to $13 billion before falling back to $12.5 billion.

This rally comes just hours before US President Donald Trump's scheduled meeting with leaders in crypto and prediction markets, as well as SEC Chair Paul Atkins and CFTC Chair Mike Selig, among others.