Bitcoin reclaimed the $69,000 level, breaking above its 200-day moving average for the first time since dropping below $100,000 last November. The U.S. Treasury announced on August 19 that it would double its long-term bond buybacks from $2 to $4 billion starting September 9, aiming to reduce borrowing costs as 30-year yields exceeded 5%. The move, which implies more money printing and increased liquidity, propelled Bitcoin up 7%, Ethereum 17%, and Solana and Ripple each 10%. The record BTC-gold correlation over two years confirms the return of the debasement trade, with analysts pointing to $76,000 as the next target to confirm a trend reversal.
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