Crypto Markets Surge on Treasury Move, Bitcoin Hits $69,900

The cryptocurrency market saw a broad rally on Wednesday and Thursday, led by Bitcoin's surge to nearly $69,900 overnight. However, it was Ether that stole the show, jumping 18% over 24 hours to just above $2,250 in Asian morning hours.

This move took Ether's weekly gain to 20%, making it the strongest among the majors. Bitcoin itself traded just above $69,100, up almost 8% on the day and 9% on the week.

The Treasury Department's decision to double the size of its bond buyback operations was seen as a positive development for liquidity in the market. This move began on Wednesday, when Treasury Secretary Scott Bessent at least doubled the size of the department's bond buyback operations.