CleanSpark Inc (NASDAQ:CLSK) shares are building on weekly momentum Thursday, continuing to move alongside a rally in Bitcoin (CRYPTO:BTC) as the broader crypto market extends its climb.
Cleanspark shares are powering higher. Why are CLSK shares rallying?
Bitcoin’s Rally Carries Into Thursday
Crypto prices have stayed strong into Thursday, extending a rally that traces back to the Treasury Department’s decision this week to scale up its bond-buyback operations, setting a new floor of $4 billion per long-dated purchase once the program takes effect in September, twice the previous minimum.
Under that program, the government retires older bonds that see little trading activity, covering the cost through the short-term bill market it already taps for financing. Less long-term debt in investors’ hands paired with more short-term paper tends to pull down longer-dated yields.
