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US Treasury Buybacks Spark Bitcoin Surge to Three-Month High

Guavy AI Editorial Team
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BTC
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Bitcoin (BTC) has rallied over 20% and reached its highest level since mid-May, trading above $77,000 on Friday.

The US Treasury's decision to double its debt buyback operations boosted risk appetite, leading to a short squeeze across the crypto market.

Total cryptocurrency market capitalization has added $210 billion in market cap so far this week, reaching $2.45 trillion on Friday.

Bitunix Analyst Dean Chen noted that while the Treasury's decision eased long-term yields and financial conditions, it is not a confirmation of a new bull market.

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