Bitcoin Steadies As Gold Extends Powerful Rally Arabian Post
The largest cryptocurrency was trading around $77,000-$78,000 after gaining about 23% over the week ended August 23. Bitcoin briefly rose above $79,000 during the surge, its highest level in roughly three months, before profit-taking and a cooling of leveraged buying slowed the advance.
The rally accelerated after the US Treasury announced on August 19 that it would at least double the maximum size of liquidity-support buybacks for longer-dated government securities. The ceiling for individual operations in the 10-to-20-year and 20-to-30-year sectors will rise to at least $4 billion from $2 billion from September 9, with the programme continuing through the current refunding quarter ending November 4.
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