According to CoinMeta, today Ethereum ( ETH ) rose by 18%, breaking through the $2300 mark, as the U.S. Treasury Department increased its efforts in repurchasing long-term government bonds, which propelled a rebound in the crypto market. Ethereum came close to $2300 during the breakthrough on Wednesday; previously, the token had been hovering between $1800 and $1950 over the past month. This rebound triggered approximately $1.1 billion in ETH liquidations, with short positions bearing most of the losses. As the U.S. Treasury Department doubled the planned scale of government bond repurchases from $2 billion to at least $4 billion, yields on long-term government bonds declined, boosting risk assets. Market sentiment also improved as President Trump reiterated that the United States should continue to be a global leader in cryptocurrencies. Once Ethereum broke through the recent $2300 range, short-term covering trades accelerated this trend.