Bitcoin Rose Above $70,000 After the US Treasury Doubled Its Bond Buybacks

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• The US Treasury will at least double its buyback operations for longer-dated debt from 9 September, taking the 30-year yield down more than 10bps to 5.18% and the dollar to a three-month low. BTC gained 11% to trade through $70K for the first time since June, and ETH rose 19% to just under $2,300.

• The move ended the August volatility lull. Seven-day BTC implied volatility jumped from 24% to over 40%, funding rates spiked towards 0.03% on an eight-hour basis, and put-call skew swung as far as 5% in favour of calls.

• Risk assets, in particular BTC and crypto, staged a huge rebound in yesterday’s trading driven by a number of different factors.