Bitcoin tops $69,000 for the first time in two months, lifted by U.S. SEC crypto rule proposals and expanded U.S. Treasury repo operations.

The crypto market has rallied, with Bitcoin briefly topping $69,000 for the first time in two months, while Ethereum rose roughly 19% to reclaim the $2,200 mark. The rally was driven primarily by two policy announcements. The U.S. Treasury Department said it will at least double the size of its long-term Treasury repurchase operations, raising the single-auction cap for 10–20 year and 20–30 year Treasuries from $2 billion to $4 billion. The measure takes effect September 9 and will run through the end of the current refinancing quarter. The Treasury stated the move is intended to provide additional liquidity support to the long-term Treasury market. Meanwhile, the U.S. Securities and Exchange Commission (SEC) proposed a new regulatory framework for crypto asset issuances, aiming to create an exemption pathway for certain crypto offerings tied to investment contracts. Under the proposal, eligible issuers can raise up to $5 million over four years, or up to $75 million annually, if they meet disclosure requirements. Fueled by these positive policy developments, the broader crypto market saw broad-based gains, with major assets including Solana and XRP surging over 5% in the past 24 hours. Market analysts noted that while the Treasury’s expanded repo operations differ from traditional quantitative easing, they could still improve liquidity in the long-term bond market, fostering a more favorable environment for risk assets. Additionally, VanEck has previously stated that Bitcoin’s correction phase may be nearing its end, with historical cycle data suggesting the cryptocurrency could be entering a potential accumulation phase. Crypto-related stocks also rose in tandem: Fold Holdings jumped nearly 20%, BitGo and American Bitcoin gained around 15%, and Bitcoin asset reserve firm Strategy and Ethereum asset reserve firm Bitmine rose roughly 10%.