Ethereum Surges Past $2,000 Amid US Treasury Decision

The U.S. Treasury's surprise decision to double its bond buybacks to $4 billion has sent shockwaves through the crypto market, with Ethereum (ETH) surging nearly 10% to reach a high of $2,112.

This marks a significant break from the stagnation that had plagued ETH since August 8, when it was stuck below $1,900.

As the price jumped, global valuations were reshuffled, with Ethereum's market capitalization rising from under $230 billion to over $251 billion.

Bitcoin (BTC) also saw a wave of forced short position liquidations, amounting to $1.3 billion, as it flirted with the symbolic $70,000 mark.