On Wednesday, Bitcoin crossed the $70,000 threshold on the Coinbase exchange before experiencing a modest retreat, marking its strongest performance since the beginning of June. Trading activity later showed the asset hovering near $69,581, representing a 24-hour gain exceeding 7%.
The upward momentum was aided by announcements from the U.S. Treasury Department. Treasury Secretary Scott Bessent disclosed plans to expand bond buyback operations, raising the minimum from $2 billion to at least $4 billion per transaction starting September 9. Following the announcement, 30-year Treasury yields declined to 5.19%, a reduction of 9 basis points. Market participants viewed the policy shift as a positive liquidity development that creates a favorable environment for risk-oriented assets.
Additional momentum arrived during a White House cryptocurrency summit, where President Trump urged lawmakers to advance a fair version of the Digital Asset Market Clarity Act. The Senate has scheduled a procedural vote on the legislation for September 15. Meanwhile, Senate Banking Committee Chairman Tim Scott expressed optimism regarding the bill's prospects for September advancement during the SALT conference.
Despite the positive price action, analysts point to potential hurdles for sustained appreciation. According to data from Bitfinex, exchange stablecoin reserves have contracted by $14 billion since May, potentially constraining additional price gains. CryptoQuant data also indicates that the Stablecoin Supply Ratio increased from 9.82 on June 30 to 11.69.
Federal Reserve meeting minutes released on Wednesday further showed that most policymakers supported maintaining current interest rates at the July gathering, though a minority advocated for an increase due to concerns about upward inflation pressures.
