US Treasury doubles long-term bond buybacks, Bitcoin hits $78,000
Business
Bitcoin just shot up 25%, hitting $78,000 on Saturday after the US Treasury announced it would double its long-term bond buybacks.
This move made government bonds less appealing, leading to a wave of bearish crypto positions getting wiped out and pushing prices higher.
Bitcoin ETF inflows $650 million, analysts warn
A $650 million boost into bitcoin ETFs added more fuel to the rally.
Still, analysts say this surge might not last if Treasury yields start rising again.
As Shawn Young, chief analyst at MEXC Research, put it, "Bitcoin's push to $70,000 looks premature to me."