Bitcoin and Ethereum Hit June Highs as Treasury Buyback Stokes Rally
Bitcoin and Ethereum refreshed their June highs after the US Treasury said it would double long-term government bond buybacks, with investors calling the move a form of new QE.
Bitcoin and Ethereum both reached their highest levels since June, triggering heavy short liquidations across crypto markets. Total liquidations surpassed $1 billion within a single hour and roughly $1.3 billion over the past day.
The move followed a US Treasury announcement that it will double its buybacks of long-term government bonds. Market participants interpreted the decision as a signal of easier financial conditions and quickly labeled it a 'new QE.'
The rally underscores how sensitive crypto prices remain to macro liquidity expectations, with leveraged positioning amplifying the upside move.
Source: ForkLog