Bitcoin Surges to $79,464 Amid U.S. Treasury Liquidity Boost and ETF Inflows

The crypto market is on fire, with Bitcoin surging to $79,464 in the past 24 hours. This price jump comes as a result of the liquidity boost announced by the U.S. Treasury, which has triggered euphoria in crypto markets.

The heavy inflows into U.S.-listed Bitcoin Spot ETF products are also contributing to the surge in prices. Additionally, massive liquidation of short positions is adding fuel to the fire, with $1.2 billion worth of shorts being closed during the past 24 hours.

Ethereum has also seen significant gains, jumping four notches to the 65th position in the global ranking of all assets as per market capitalization. The leading alternate coin is trading at $2,376.63, which is around 52 percent below its all-time high.