Treasury Boost Sends Crypto Stocks Soaring
Crypto-related stocks surged on Thursday after the US Treasury Department announced it would support more long-duration bonds, boosting risk assets. The move came a day after a major bond selloff pushed the 30-year Treasury yield to its highest level since 2007.
The Treasury's intervention provided short-lived relief for bonds, but analysts say it sent a positive signal to crypto markets. Bitcoin, the world's largest cryptocurrency, was up 3.48% at $71,505, having crossed the $70,000 mark for the first time since June.
Investors may also have been encouraged by US President Donald Trump's show of support for crypto legislation. Trump, who has profited from his own crypto ventures, urged Congress to pass a 'fair version' of the Clarity Act, which would define whether cryptocurrency qualifies as a security or commodity.