Bitcoin, XRP, Crypto Market Turn Bullish As US Treasury Eyes $22B Debt Buyback

Bitcoin held near the $80,000 level on Monday having briefly surpassed the threshold a day ago. Amid the strong resilience, investors turned their attention to the U.S. Treasury’s debt buyback operations which could provide fuel for financial markets.

Bitcoin, Crypto Market Could Turn Bullish Amid Treasury Buybacks

As of writing, Bitcoin was trading around $79,800 while the overall crypto market remained solid after rallying in August. The traders are now focusing on macro-economic updates, such as the rising oil price, the climbing Treasury yields and the growing buyback program by the Treasury. In addition, the upcoming U.S. CPI and PPI inflation data is under radar.

“With oil prices and Treasury yields rising amid geopolitical tensions, macro conditions remain a key risk for digital assets. For now, markets appear to be digesting August’s strong gains rather than entering a broad-based risk-off phase,” remarked Riya Sehgal, Research Analyst at Delta Exchange, according to MoneyControl.

The U.S. Treasury’s most recent quarterly schedule specifies liquidity support buybacks through early November with a combined maximum purchase of approximately $22.75 billion for various operations.

It includes the Treasury’s securities from the short-term bills market to long-dated bonds, and several of the operations are for up to $4 billion, following recently, when the Treasury doubled the size of some long-end operations to boost liquidity. The buyback schedule includes: