Crypto Market Sees $2 Billion in Liquidations, Surges on Treasury Buyback Decision

The cryptocurrency market has seen significant fluctuations in recent hours, with nearly $2 billion in liquidations over the past 24 hours.

This represents its largest since February 5, with short liquidations accounting for $1.75 billion, their largest since October 10's leverage flush.

Bitcoin (BTC) has gained over 5% as it edges above $68,000, its highest level since June 2, with liquidations reaching $1.14 billion and shorts representing $1.11 billion.

Ethereum (ETH) saw a 9% jump, climbing past the $2,000 psychological level for the first time since June 1, with $513.6 million in liquidations, led by $464.8 million in short liquidations.

The market's sentiment has improved due to the US Treasury's decision to double buybacks for long-dated bonds, which took effect from September 4 through November 4.