In under three weeks, bitcoin responded in opposite ways to two US market interventions. On August 1, the Bank of Japan bought yen for an estimated $53 billion, pushing bitcoin down 1.25% toward $63,000. On August 19, the US Treasury doubled its long-end buybacks to at least $4 billion per operation, lifting bitcoin 8.8% to around $69,803 within an hour. Approximately $1.23 billion in crypto short positions were liquidated in 60 minutes. Bitcoin specifically rewards the intervention that lowers long-dated US borrowing costs, not intervention itself. Treasury Secretary Scott Bessent said buybacks could exceed $4 billion per issue and become routine, while denying that rates drove the decision.
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