Bitcoin Jumps 6% After U.S. Treasury Expands Long-Term Bond Buybacks

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

Cointelegraph reported on August 19 that Bitcoin climbed more than 6% intraday after the U.S. stock market opened, touching $69,749. It was the highest level since June 2.

Starting in September, the Treasury plans to increase some long-term bond buybacks to at least $4 billion per operation from $2 billion. After the announcement, the yield on 30-year Treasuries briefly declined.

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