Bitcoin Surges to New Heights as US Treasury Boosts Bond Buybacks

The US Treasury Department's surprise announcement to double long-term bond buybacks has sent shockwaves through the cryptocurrency market. The move has lowered borrowing costs and renewed risk-on sentiment, causing Bitcoin to surge by 7% in the previous day.

With its current price hovering around $69,576, Bitcoin is eyeing a target of $70,000 on Thursday. This would mark a significant milestone for the cryptocurrency, which has been struggling to break through this level in recent times.

Ethereum, Hyperliquid, and Official Trump have also seen double-digit gains over the past 24 hours, with Ethereum rising by 17% and Hyperliquid surging by 19%. These altcoins are showing robust momentum, with their Relative Strength Index (RSI) hovering near overbought territory.

The US Treasury's decision to increase bond buybacks is seen as a temporary measure to curb borrowing costs. This has created artificial demand for longer-dated bonds, lowering yields and boosting risk-on sentiment in the market.