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Crypto-related stocks rise after Treasury signals support for bonds
Bitcoin jumped 3.5% to about $71,505 after the 30-year yield hit its highest level since 2007, with traders also pointing to renewed push for U.S. digital-asset legislation.
Cryptocurrency-related stocks gained on Thursday, following the U.S. Treasury Department's decision to double buyback sizes for long-duration debt, a move expected to lift risk sentiment even though it was seen as relatively small. The Reuters story said the backdrop for the Treasury action was a major bond selloff that pushed the 30-year Treasury yield to its highest level since 2007.
Higher yields typically weigh on risk assets such as cryptocurrencies because they raise the appeal of safer returns. Analysts cited by Reuters said the Treasury's intervention provided only short-lived relief for bonds but still sent a positive signal to crypto investors.
Bitcoin rose as the rally broadened amid short-covering after weeks of narrow trading, Reuters reported. The largest cryptocurrency was last up 3.48% at $71,505, surpassing $70,000 for the first time since June.
Investors were also encouraged by President Donald Trump urging Congress to pass legislation to set clear rules for digital assets, including a stalled version of the Clarity Act. Reuters said the bill would help determine whether cryptocurrencies qualify as securities or commodities, clarifying regulatory jurisdiction between the SEC and the CFTC.
Latest closeBitcoin $78,068.37 ▲6.9%