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Bitcoin (BTC) saw its highest levels since the start of June after Wednesday’s Wall Street open as markets reacted to a US government liquidity move.
Key points:
- Bitcoin spikes 6% on the day to hit $69,749, its highest level since June 2.
- The US Treasury plans to at least double the maximum size of debt buyback operations to $4 billion. This might fuel a broader risk-asset rally.
- A lack of stablecoin liquidity on exchanges means that BTC price upside remains limited, says Bitfinex. Stablecoin liquidity has decreased by $14 billion since May.
Bitcoin surges as US bond yields fall on buyback plan
Data from TradingView showed BTC/USD passing $69,700 on Bitstamp, up 6% on the day.
BTC/USD one-day chart. Source: Cointelegraph/TradingView
US stock markets opened higher after the US Treasury Department announced that it would at least double the level of government debt buybacks, from $2 billion to a minimum of $4 billion per operation,…
