The US Treasury announced on August 19 the doubling of its bond buyback operations, raising the maximum transaction size from $2 billion to $4 billion per operation, with the expanded program running from September 9 through November 4. The decision triggered a massive shift toward hard assets, with Bitcoin surging more than 5% in 24 hours to briefly touch the $70,000 to $72,000 range, its highest level since June. Gold climbed 2.7% to approximately $4,485 per ounce while the dollar weakened as investors interpreted the move as a soft form of quantitative easing. The rally was amplified by a short squeeze on Bitcoin, liquidating numerous bearish positions and accelerating the upward momentum.
Source: Read the original article
