Bitcoin Jumps 6% After US Treasury Expands Long-Term Bond Buybacks

Bitcoin surged after the U.S. Treasury announced plans to expand its purchases of long-term government bonds.

Cointelegraph reported on Aug. 19 that Bitcoin climbed more than 6% intraday after the U.S. stock market opened, hitting $69,749. That marked its highest level since June 2.

The Treasury said it will raise purchases of some long-term Treasuries from $2 billion per operation to at least $4 billion starting in September. Following the announcement, the yield on 30-year U.S. Treasuries moved lower in the short term.

As of 2:10 a.m. on Aug. 20, Bitcoin was trading at $68,336.85 on Binance's Tether market, up 5.49% from a day earlier.