Bitcoin rallied more than 10% to exceed $70,000, reaching its highest level since early June following intervention in the US Treasury bond market. The price movement coincided with a weakening US dollar, which depreciated an additional 0.1% against major currency peers.
The US Treasury Department announced plans to expand its bond buyback operations for longer-maturity securities. Under the direction of Scott Bessent, the repurchase program for long-term government debt was increased from $2 billion to at least $4 billion. The strategy was designed by officials to suppress yields on the long end of the curve.
Following the announcement, the benchmark 10-year Treasury note yield declined to 4.65%, while the 30-year bond yield retreated to 5.19%. By Thursday's opening, however, yields showed signs of reversal, with the 10-year yield climbing back to 4.68%.
The bond market intervention also intersected with broader economic developments, as America's total national debt surpassed the $40 trillion threshold. Meanwhile, equity futures displayed mixed signals on Thursday morning, with Dow Jones Industrial Average futures declining 0.1%, S&P 500 futures holding steady, and Nasdaq 100 futures advancing 0.1%. Walmart shares also declined despite beating quarterly earnings estimates, pressured by decelerating domestic sales expansion.
