Bitcoin surges 11%, Ethereum 18%, XRP 10%: why crypto is exploding higher today

Bitcoin surged above $71,000 on Thursday as easier financial conditions, pro-crypto signals from Washington and a record short squeeze sent digital assets higher. Ethereum jumped about 18% to above $2,250, while XRP gained around 10%. The broader crypto market added $190 billion as buying spread across major tokens. The rally began after the US Treasury expanded long-dated bond buybacks, pulling Treasury yields lower and weakening the dollar. That shift was amplified by Washington's crypto-policy push and billions in forced short covering. Treasury liquidity and Washington light the fuse The Treasury said it would at least double liquidity-support buybacks across the 10- to 30-year part of the curve. The move helped push the 30-year yield towards 5.