Crypto Markets Surge as Bitcoin Hits Near-$69K, Ethereum Leads Charge
Crypto markets saw a significant surge on Wednesday morning, with Bitcoin climbing to just shy of $69,000 for the first time since June. However, Ethereum, Solana, and XRP outperformed the apex cryptocurrency, with ETH leading the charge among major cryptocurrencies.
Ethereum's price gained nearly 9% in the last 24 hours, crossing $2,000 for the first time since May. Meanwhile, Solana's price rose over 7% in the same period, surpassing $81 for the first time since July. XRP's price also saw a 6.7% increase, reaching $1.
The sudden rally came after the U.S. Treasury announced it would double its bond buyback operations, wiping out over $1 billion in crypto bets within the last hour and $1.6 billion over the past day. Crypto liquidations over the past day reached a total of $1.6 billion, according to data from CoinGlass.
Crypto-linked stocks also joined the rally, with BMNR and MSTR shares posting double-digit gains in intra-day trade. BMNR's stock crossed $100 after trading below that level for over a week, while MSTR saw its price rise by 13%.