Treasury's Debt Repurchase Hike Sends Bitcoin Surging Past $69K

The U.S. Treasury's announcement to double its long-dated debt repurchase operations has sent shockwaves through the financial markets, causing Bitcoin to surge past $69,000 on Wednesday.

The Treasury Department said it will raise the maximum buyback size for 10- to 30-year securities from $2 billion to at least $4 billion per operation, effective September 9 through November 4. This move has eased pressure on the bond market, where yields had climbed to levels not seen since 2007.

The Treasury's intervention has punished bearish traders, with over $1.2 billion in crypto positions being liquidated within a single hour, and short sellers accounting for roughly $1.29 billion in losses.