Treasury's Debt Buyback Spree Fuels Crypto Market Surge

The cryptocurrency market experienced a surge in liquidity on Thursday, triggered by the US Treasury's decision to double its debt buyback operations. This move eased liquidity concerns and boosted risk appetite across the market.

XRP and Stellar (XLM) led the charge with price increases of over 10% and 9%, respectively. XRP traded above $1.08, while XLM approached the key resistance level of $0.177.

The increased Treasury buyback operation supported a short squeeze across the crypto market, leading to liquidations totaling over $2.99 billion in the last 24 hours. For XRP and XLM, over 84% and 86% of positions were long, indicating overly bullish positioning.