Treasury Intervention Falls Flat for Bitcoin

Bitcoin's price held steady around $78,000 despite a significant action by the U.S. Treasury to buy back $6 billion in long-term debt, tripling levels seen before the recent intervention announcement.

The move was expected to spark another leg higher for Bitcoin, but the asset's price instead experienced a volatile trading period, ranging between $78,300 and $79,650.

Reports of new fighting in the Middle East contributed to the price fluctuations, with Brent crude oil prices spiking to over $100 per barrel for the first time since July 2.

Despite the turmoil, Bitcoin's market cap remained almost unchanged at $1.57 trillion, while cryptocurrency market liquidations topped $223 million.