BTC Reaches for $80K as Treasury Buyback Announcement Sparks Market Surge

The cryptocurrency market has experienced a significant turnaround in recent weeks, with Bitcoin (BTC) reaching for $80K. The shift is attributed to several factors, including Scott Bessent's announcement that he would double the Treasury's long-term bond buyback operations, which was seen as a dollar liquidity signal.

Markets read this move as an indication of easing financial conditions and a weakening dollar, leading to a surge in Bitcoin's price. The cryptocurrency broke above $70K within hours, triggering a record $2.75 billion short liquidation event. By the end of the week, Bitcoin had pushed to over $78K, adding $280 billion in market cap.

Ethereum (ETH) was also a standout performer, rising 20% in a single session to above $2,500. The ETH/BTC ratio is approaching 0.033, a level analysts have flagged as an early signal of capital rotation into the broader altcoin market.