Bitcoin hits $69,500 as crypto liquidations reach $1.9 billion
Bitcoin jumped more than 6% as Treasury expanded bond buybacks, triggering $1.9 billion in crypto liquidations and pushing major tokens higher.
Bitcoin surged more than 6% over the past 24 hours to as high as $69,500 after the US Treasury announced plans to at least double the size of its bond buyback operations to $4 billion or more per operation.
The announcement pushed Treasury yields lower, with the 30 year yield falling to around 5.20% while the 10 year yield also declined.
Crypto markets rallied sharply following the move. Ethereum gained more than 8%, sending it above $2,000, while Solana and XRP each rose about 6% to near $82 and $1.06, respectively. The broader crypto market climbed more than 5%, with most of the top 100 tokens trading higher.
The rally triggered roughly $1.9 billion in crypto liquidations over the past 24 hours, including about $1.7 billion in short positions and $170 million in long positions, according to CoinGlass data.
Bitcoin climbed as high as $69,500, its highest level since early June. Bitcoin was last trading near $68,500 at press time, giving back some of its earlier gains.
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Bitcoin also briefly moved above its 200 day moving average, showing signs of bullish momentum.
The rally comes ahead of President Donald Trump’s meeting with crypto executives later Wednesday, including leaders from Coinbase and Payward.
The move also follows an SEC proposal this week that would provide certain digital asset offerings with exemptions from securities registration requirements.