Bitcoin Surges to $70,000 as Treasury Buybacks Boost Liquidity

The Bitcoin price surged to nearly $70,000 on August 19 after the US Treasury unexpectedly doubled its planned buybacks of long-dated government debt.

This move pushed bond yields lower and forced approximately $1.4 billion in crypto short positions out of the market within four hours.

The Treasury's announcement increased liquidity support for longer-term Treasuries from $2 billion to at least $4 billion per operation, running from September 9 through November 4.