Bitcoin Surges 6% to $69,000 After Treasury Bond Buy
· Business · Fortune, Yahoo Finance
Bitcoin jumped nearly 6% to $69,000 on Wednesday after the U.S. Treasury announced it would double purchases of older long‑term government bonds. The move was seen by market observers as a quiet form of quantitative easing that weakens the dollar and lifts demand for scarce assets like Bitcoin. The rally triggered a short‑squeeze that saw about $1.5 billion of short positions covered, including a one‑minute purchase of roughly $700 million. Bitcoin has recovered from a 40% fall following the October crash, while U.S. spot Bitcoin ETF inflows of around $1 billion in early August added further buying pressure. Analysts suggest the rally may indicate that the bear market has moved past its worst phase and that Bitcoin could have bottomed near $58,000 earlier in the summer.
Why it matters
The rise in Bitcoin affects Indian investors who hold crypto assets and could influence investment decisions and currency dynamics in India.
Read the original report — Fortune
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