Treasury Buyback Announcement Boosts Crypto Market

The US Treasury's announcement on its long-dated buyback plan is expected to trigger a resumption of gains in major cryptocurrencies, including Bitcoin and Ethereum. The Treasury plans to announce the scale of its buybacks, which could reinforce the bullish grip in the market as investors adopt a risk-on stance.

Bitcoin has been trending higher, nearing $80,000, while Ethereum has reclaimed $2,500 after reclaiming short-term support. Meanwhile, Ripple has extended gains for a second straight day, supported by a bullish RSI and robust support at the 200-day EMA.

The Crypto Fear & Greed Index remains in the 'Greed' territory, with an index value of 66, indicating elevated appetite for risk assets. This could continue to boost demand for digital assets and provide a tailwind to support bullish momentum.