The price of bitcoin early Thursday bolted to a two-month high above $71,000, driving crypto stocks higher. The Treasury Department's Wednesday announcement regarding long-term bond buybacks appeared to spark the rally, further fueled by a massive wave of short liquidations and the Trump administration's commitment to passing crypto regulations.
The Commodities Futures Trading Commission today hosts its first Innovation Advisory Committee meeting.
The price of bitcoin by Thursday morning vaulted to near $72,200, soaring almost 12% over the prior 24 hours to its highest price since the end of May, according to CoinMarketCap data. Bitcoin on Wednesday spiked above $68,000 after the Treasury Department announced plans to double the size of its long-term bond buybacks, which prompted a drop in Treasury yields and the U.S. dollar.
The price of bitcoin traded around $65,000 early Wednesday prior to the announcement.
"This matters for bitcoin because lower yields, a potentially weak dollar and improving financial conditions should encourage capital to rotate toward scarce, global liquid **** ets. It also strengthens bitcoin's appeal as an independent store of value at a time of rising government debt and greater official intervention in the markets," Joel Kruger, market strategist at LMAX Group said. "Lower yields and reduced bond-market volatility support crypto collateral values, lending activity, stablecoin liquidity and demand for onchain (on the blockchain) yield."
#Bitcoin #price #treasury #yields
The Commodities Futures Trading Commission today hosts its first Innovation Advisory Committee meeting.
The price of bitcoin by Thursday morning vaulted to near $72,200, soaring almost 12% over the prior 24 hours to its highest price since the end of May, according to CoinMarketCap data. Bitcoin on Wednesday spiked above $68,000 after the Treasury Department announced plans to double the size of its long-term bond buybacks, which prompted a drop in Treasury yields and the U.S. dollar.
The price of bitcoin traded around $65,000 early Wednesday prior to the announcement.
"This matters for bitcoin because lower yields, a potentially weak dollar and improving financial conditions should encourage capital to rotate toward scarce, global liquid **** ets. It also strengthens bitcoin's appeal as an independent store of value at a time of rising government debt and greater official intervention in the markets," Joel Kruger, market strategist at LMAX Group said. "Lower yields and reduced bond-market volatility support crypto collateral values, lending activity, stablecoin liquidity and demand for onchain (on the blockchain) yield."
#Bitcoin #price #treasury #yields
2 months ago
