Crypto Market Surges on US Treasury Bond Buyback Boost
The cryptocurrency market saw significant gains on August 19, with Ethereum (ETH), Solana (SOL), and XRP outperforming Bitcoin (BTC). The rally came after the U.S. Treasury announced it would double its bond buyback operations.
Ethereum's price surged nearly 9% in 24 hours, crossing $2,000 for the first time since May. Solana's price rose over 7% to hit $81 for the first time since July. XRP also gained, rising 6.7% to cross $1.
Crypto-linked stocks also joined the rally, with BMNR and MSTR rallying over 13%. MSTR stock crossed $100 after trading below that level for over a week. CRCL gained 12%, while Coinbase (COIN) jumped by around 11%.
The sudden surge in prices wiped out over $1 billion in crypto bets within the last hour, amounting to $1.6 billion over the past day.