Treasury's 'Not-QE' Boosts Bitcoin to Record High
Bitcoin prices surged more than 23% after the US Treasury expanded long-dated bond buybacks without labeling it as quantitative easing (QE). This 'not-QE' approach reignited debate over whether ongoing liquidity measures can support high-volatility assets like Bitcoin and Ether.
The shift in policy led to a rally in both cryptocurrencies, with Bitcoin climbing towards $79,000 and Ether pushing above $2,400. According to Standard Chartered's Geoff Kendrick, this is exactly the type of thing Bitcoin loves, framing it as a liquidity tailwind even if it stops short of QE terminology.
Kendrick highlighted the potential for a technical confirmation, pointing to $65,500 as a key level for Bitcoin. He emphasized that Bitcoin must hold above this level for the 'cycle low' interpretation to remain intact.
Metaplanet is expanding its Bitcoin treasury play into US markets by taking a controlling stake in Nasdaq-listed Super League Enterprise, which will be renamed Superplanet. The deal represents under 5% of Metaplanet's approximately 43,000 BTC holdings and will create two capital-raising pathways: Superplanet in the US and Metaplanet in Japan.
Cypherpunk Technologies is launching Zcash mining after acquiring a mining fleet from Winklevoss Capital through a $33.33 million equity deal. The company claims to have roughly 18% of Zcash's current network hashrate and holds 323,394 ZEC, about 1.9% of circulating supply.