Bitcoin Rally Size Disputed: 7% or 0.73% Gain?
AMBCrypto and Coin Edition both tie a Bitcoin surge to the U.S. Treasury’s bond buyback announcement but report very different price gains.
AMBCrypto and Coin Edition both tie a Bitcoin surge to the U.S. Treasury’s bond buyback announcement but report very different price gains.
What all sources agree on
- The U.S. Treasury announced it would double its long-term bond buyback program.
- Bitcoin traded around or reclaimed the $69,000 level.
- A large short squeeze accompanied the move.
- The buyback covers 10-year and 30-year Treasuries.
Where the reports disagree
1Magnitude of Bitcoin’s price increase tied to the Treasury news
Like gold, BTC rallied +7% and reclaimed $69K on the update.
BTC trades at $69,808.01 on August 20, up 0.73%, breaking above a descending triangle that capped price since May
2Size of the Treasury’s new buyback amount per operation
buybacks would rise from $2 billion to $4 billion
Treasury will buy back $4 billion of long-term government debt to boost liquidity, double its prior $2 billion pace for bonds maturing in 10 to 30 years
What would settle it: U.S. Treasury’s official buyback operation schedule and announcement
What to make of it
Treat the Treasury’s decision to double its buyback program and the occurrence of a Bitcoin rally with a short squeeze as established; the exact size of the price move (7% versus 0.73%) is unresolved between these two reports and should not be treated as a settled figure.
Treat the Treasury’s decision to double its buyback program and the occurrence of a Bitcoin rally with a short squeeze as established; the exact size of the price move (7% versus 0.73%) is unresolved between these two reports and should not be treated as a settled figure.
Original source: AltcoinGordon
Syndicated coverage. Originally reported by altcoingordon.com.
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