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Bitcoin jumps toward $80,000 as long-dated Treasury buybacks expand

Bitcoin was up as much as 9.4% in late New York trading, while leveraged shorts across crypto were liquidated at a multi-billion-dollar pace over the past three days.

Reported · Written up by our desk · Bitcoin

Bitcoin was on pace for its strongest weekly gain in more than three years as traders assessed fallout from a spike in bond yields and a new US move to expand long-dated Treasury bond buybacks, LiveMint Markets reported. The cryptocurrency jumped as much as 9.4% and traded around $77,500 in late New York trading.

The rally pushed bitcoin up roughly 23% for the week, and if that pace holds it would mark the biggest gain on that basis since March 2023. LiveMint Markets also said bitcoin last traded at $80,000 in May.

Market exuberance returned to crypto after US Treasury Secretary Scott Bessent said the department would at least double the size of its long-dated bond buybacks, prompting traders to unwind billions in short positions. On the same day, President Donald Trump met with crypto industry leaders, adding to optimism, LiveMint Markets said.

Liquidation data cited by LiveMint Markets showed nearly $2.5 billion in leveraged bearish bets on bitcoin and about $4.5 billion across all crypto assets were liquidated over the past three days. The outlet also noted gold hit its highest level since May amid investor concerns the bond market intervention could weigh on the dollar.

Latest closeGold $4,432.00 ▲1.6%|Bitcoin $78,068.37 ▲6.9%

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