Crypto Biz: Treasury’s ‘Not-QE’ playbook sends Bitcoin higher
Bitcoin rallied as Treasury bond buybacks fueled the “not-QE” trade, while Metaplanet expanded to the US and Cypherpunk made a $33 million Zcash mining bet.
Bitcoin surged as the US Treasury doubled long-dated bond buybacks, providing support to the "not-QE" trade. Bitcoin's price jumped over 23% towards $79,000, with Ether reaching $2,400 after the Treasury's move. This development is shaping decisions in the crypto space, with Standard Chartered predicting Bitcoin could hit $100,000 by year-end.
Metaplanet is expanding its Bitcoin treasury strategy to the US, taking a controlling stake in Super League Enterprise and contributing 2,100 BTC and $2.5 million in cash. Cypherpunk Technologies, meanwhile, is making a $33 million bet on Zcash mining, acquiring a fleet from Winklevoss Capital and gaining about 18% of the network's hashrate.
The CFTC is seeking public comment on futures contracts tied to AI computing capacity, which could impact the emerging market for trading and hedging computing power.
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