Trump's Crypto Push Bolsters Markets Amid Treasury Support

Crypto-related stocks surged on Thursday following the US Treasury Department's decision to support more long-duration bonds, boosting risk assets. The move came after a major bond selloff pushed yields to their highest level since 2007, typically negative for cryptocurrencies.

The Treasury doubled buyback sizes for long-duration debt, providing short-lived relief for bonds and sending a positive signal to the crypto market, analysts said.

Higher yields are often seen as detrimental to risk assets like cryptocurrencies because they increase returns on safer investments. However, the Treasury's intervention offered a brief respite from the selloff.

The rally in crypto was further fueled by short-covering, following weeks of narrow trading, said Alex Kuptsikevich, chief market analyst at brokerage FxPro.