Bitcoin surges over 11%, tops $70,000 for 1st time in more than 2 months

Bitcoin briefly hit $70,000 on Coinbase, driven by U.S. Treasury bond buybacks and regulatory developments. The Treasury doubled bond buyback operations, lowering yields and making riskier assets like crypto more attractive. President Trump's push for the Clarity Act, which aims to define crypto regulations, also contributed to the rally. Over $1.4 billion in short positions were liquidated, amplifying the price surge. Technical analysis suggests a potential target of $76,000, but Fed policy rem

President Trump criticized Fed interest rates, calling them 'ridiculous,' while the Treasury plans to double debt buybacks. He also announced severe economic measures against Iran and supported crypto with the 'Clarity Act.' SK Hynix shares surged 12% after a buyback announcement. Moderna and Merck shares rose following positive cancer vaccine trial results.

The Treasury announced it would double buybacks of longer-term notes, causing 30-year Treasury yields to drop to 5.194% and the Dow Jones to close up 0.22%. Fed minutes indicated potential rate hikes if inflation persists. Moderna's stock surged 175% after successful cancer vaccine trial data. Bitcoin rose above $68,000, driven by Treasury optimism and crypto legislation interest.

Treasury buybacks lowered bond yields, benefiting tech stocks. SK Hynix and Samsung rebounded, but U.S. chip stocks need confirmation. Moderna surged 177% on positive clinical trial results. Bitcoin neared $70,000, with Ethereum also showing strength. FOMC minutes indicated higher rates may be possible if inflation persists. Nasdaq futures were up 0.4%, S&P 500 futures up 0.15%.

Bitcoin (BTC) approached $65,000 on Tuesday. BlackRock reiterated its recommendation for a 1-2% portfolio allocation to Bitcoin, citing improved risk-adjusted returns. Citi announced its Bitcoin custody service, Custody+, will launch this year. Bitcoin's price fluctuated near $64,708 at the time of reporting.

The U.S. Treasury will double its purchases of 10- to 30-year bonds to lower yields, which fell 9 basis points to 5.19% for 30-year Treasuries. U.S. debt surpassed $40 trillion, with a $1.8 trillion deficit this year. Stocks and cryptocurrencies rose. Moderna and Merck shares surged after their cancer vaccine trial showed promising results. Nvidia is facilitating AI data center deals in the Nordics.