Bitcoin (BTC) Price: Hits $70,000 for First Time in 11 Weeks as US Treasury Doubles Debt Buybacks

TLDR

• Bitcoin briefly touched $70,000 on Coinbase, its highest price since June 2
• The US Treasury announced it will at least double debt buyback operations to $4 billion starting Sept. 9
• President Trump pushed Congress to pass the Digital Asset Market Clarity Act at a White House crypto event
• Stablecoin liquidity on exchanges has dropped $14 billion since May, which could limit further upside
• A procedural Senate vote on the Clarity Act is set for Sept. 15

Bitcoin briefly hit $70,000 on Wednesday, a level it had not reached since June 2. The move marks an 11-week high for the world’s largest cryptocurrency by market cap.

The price touched $70,000 on Coinbase before pulling back slightly. At the time of writing, BTC was trading around $69,581, still up more than 7% in 24 hours.

The rally was triggered largely by a US Treasury announcement. Treasury Secretary Scott Bessent said the department would at least double its bond buyback operations, from $2 billion to a minimum of $4 billion per operation, starting September 9.

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