Bitcoin surged nearly 25% over the week, climbing from an intraday low near $64,100 to above $70,000, an 11-week high. The US Treasury announced on August 19 that it would double the maximum size of its buyback operations for 10- to 30-year Treasury securities from $2 billion to at least $4 billion per operation, effective September 9 through November 4. The decision compressed long-term yields, reducing the opportunity cost of holding non-yielding assets like Bitcoin. The move also triggered a violent short squeeze in crypto derivatives, with estimated liquidations ranging from $1.1 billion to $3.5 billion of bearish leveraged positions. US equities rallied in tandem, confirming a broad reassessment of risk appetite across asset classes.
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