US Treasury's 'Not-QE' Boosts Bitcoin as Market Looks to Technical Levels
The US Treasury's decision to expand long-dated bond buybacks without labeling it as quantitative easing has boosted Bitcoin prices. According to Standard Chartered's Geoff Kendrick, this move provides a liquidity tailwind for Bitcoin, even if it doesn't use the QE terminology.
Kendrick highlighted that the key technical level for Bitcoin is $65,500, and if the price holds above this level, it would confirm a 'cycle low' interpretation. The Treasury's buyback program expands operations for 10- to 20-year and 20- to 30-year coupons from September 9 through November 4.
Metaplanet is extending its Bitcoin treasury approach into US markets by taking a controlling stake in Nasdaq-listed Super League, which will be renamed Superplanet. The company contributed 2,100 BTC and $2.5 million in cash to the deal, representing under 5% of Metaplanet's approximately 43,000 BTC holdings.
Cypherpunk Technologies is launching Zcash mining after acquiring a mining fleet from Winklevoss Capital through a $33.33 million equity deal. The company now holds roughly 18% of the Zcash network hashrate and targets 5% ownership in the token.