Daily Market Update: Bitcoin Hits $69,000 as Treasury Bond Buybacks Boost Stocks and Crypto
TLDR
- Ether jumped 18% in 24 hours to above $2,250, its strongest weekly gain among major cryptocurrencies
- Bitcoin climbed above $69,100, up 8% on the day and 9% on the week
- The Treasury Department doubled its bond buyback operations, triggering a broad market rally
- Nearly $1.4 billion in short positions were wiped out in just four hours
- US stocks posted modest gains, with the Dow, S&P 500, and Nasdaq each rising around 0.2%
Crypto markets surged on Thursday as a Treasury Department move to expand bond buybacks sparked a wave of buying across digital assets and stocks alike.
Ether led the charge, jumping roughly 18% in 24 hours to just above $2,250. That pushed its weekly gain to around 20%, the best performance among major cryptocurrencies.
Bitcoin rose to just above $69,100, up about 8% on the day. It briefly touched nearly $69,900 overnight before pulling back slightly. That represents a swing of more than $5,700 from Wednesday’s low near $64,100.
What Triggered the Rally
The catalyst came from Treasury Secretary Scott Bessent, who announced the department would at least double the size of its buyback operations for longer-duration bonds. Traders read this as a boost to liquidity in the broader Treasury market.
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