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Bitcoin jumps past $68,000 as US Treasury expands debt buybacks
The move came after Treasury said it will more than double government debt repurchases, coinciding with falling yields and a softer US dollar.
Bitcoin pushed above $68,000 on Wednesday, rising nearly 3% over 24 hours as the news broke that the US Treasury plans to more than double the size of its government debt repurchases, according to Bitcoin Magazine.
The article said Bitcoin was trading around $68,473 in New York at 10.30am, after briefly touching $68,982, with the rally coming as yields dropped.
Bitcoin Magazine attributed the reaction to lower long term yields reducing the opportunity cost of holding non yielding assets like bitcoin and gold, and said the cryptocurrency moved like a risk on asset alongside stocks as the US dollar fell sharply.
The outlet also noted bitcoin was closing in on $70,000 for the first time since June, and that it has shown relatively low volatility, with Fidelity saying bitcoin’s volatility is now lower than 98.5% of days in its 17 year history.
Latest closeGold $4,432.00 ▲1.6%|Bitcoin $68,345.20 ▲5.7%