Treasury's Bond Buybacks Send Bitcoin Soaring Past $69,000

Bitcoin (BTC) surged past $69,000 after the U.S. Treasury Department announced it would at least double its long-term bond buyback operations.

The move marks the highest level in roughly two and a half months since June 2.

According to crypto-focused media outlet Cointelegraph on the 19th, Bitcoin rose more than 6% intraday after the U.S. stock market opened, reaching $69,749.

The direct catalyst for the rally was the U.S. Treasury's announcement of expanded bond buybacks.

Geoff Kendrick, head of digital assets research at Standard Chartered, projected that the Treasury's move could trigger a Bitcoin rally, saying 'If Bitcoin breaks above the key resistance level of $65,500, it could signal that the cycle low has already been established.'