Crypto Prices Explode With Surprise Rally: Is the Bull Market Back?

Bitcoin (BTC) jumped 5.8% to levels above $69,500 on Wednesday, wiping out $1.23 billion in bets against it in one hour. Is the crypto bull market back?

The rally ran market-wide, with Ethereum (ETH) up 9% to $2,088, Solana (SOL) up 6.5%, and XRP (XRP) up 6.9%. One decision in Washington set it off.

A $4 Billion Signal From the US Treasury

The US Treasury said it will double its buybacks of long-term government bonds to at least $4 billion per operation. In plain terms, the government stepped in as a buyer of its own debt.

The timing couldn't be better for risk assets. The 30-year yield, the interest rate the US pays on its longest debt, had just hit 5.337%. That was its highest level since 2007. The Treasury buyback announcement knocked it back to 5.192%.

Markets read the move as proof that Treasury Secretary Scott Bessent is watching borrowing costs. When yields fall, bonds pay less, and money hunts for returns elsewhere. Bitcoin sits near the front of that line.

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