Crypto Market Sees Nearly $2 Billion in Liquidations Amid Bond Yield Decline

The cryptocurrency market saw a significant surge in value over the past 24 hours, with nearly $2 billion in liquidations, its largest since February 5. Short liquidations accounted for $1.75 billion, representing the first major short squeeze in a long while.

Bitcoin (BTC) and Ethereum (ETH) led the charge, gaining 5% and 9%, respectively. Bitcoin edged above $68,000, its highest level since June 2, with liquidations reaching $1.14 billion. Ethereum saw $513.6 million in liquidations, mostly due to short liquidations.

The US Treasury's decision to double buybacks for long-dated bonds improved crypto sentiment. The move led to a decline in bond yields, causing the CMC Crypto Fear and Greed Index to jump from near-Fear territory at 41 to Neutral at 51, its highest level since mid-May.