Bitcoin Breaks $70,000 Milestone Amid US Treasury Move and Positive Crypto Sentiment
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Bitcoin surpassed $70,000 for the first time in over two months, propelled by US Treasury Secretary Scott Bessent’s 'Operation Twist'-like move pushing US bond yields (and the dollar) lower followed by a high-stakes meeting President Trump held with crypto industry leaders.
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New York Post BusinessBitcoin on Thursday surged above $70,000 – its highest level since June – as Treasury yields briefly plummeted and President Trump urged Congress to speed up passage of crypto-friendly legislation.
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It triggered a massive push into crypto and a short squeeze that saw $2.7 billion in crypto short positions liquidated, according to data from CoinGlass.
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CNBCThat helped trigger a broader move into crypto, which was later amplified by a massive short squeeze, with roughly $2.7 billion in crypto short positions liquidated, according to CoinGlass.
ZeroHedgeData from CoinGlass shows ongoing crypto short liquidations at $3.1 billion for Aug. 19-20.
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Additionally, Bloomberg reports that the return of positive sentiment to the crypto market was supported by Trump's meeting with crypto executives from firms including Coinbase, Payward, and Blockchain.com. The move helped revive optimism around the Clarity Act, a crypto market structure bill that failed to make it to a vote before the Senate’s August recess.
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CNBCInvestor sentiment improved further on Thursday largely due to a last-ditch push from the White House and crypto industry leaders to get the Clarity Act across the finish line in the coming weeks. The bill is widely viewed as a key catalyst that could push the market out of the crypto winter that began last fall, but the chances of it passing appear relatively slim.
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“Now we need Congress to take the next step by passing the Clarity Act, a fair version of the Clarity Act,” Trump said.
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New York Post BusinessMeanwhile, during a surprise White House event Wednesday including the CEOs of Coinbase, Kraken, Robinhood, Ripple and ChainLink, Trump urged Congress to pass the Clarity Act, which has been held up in the Senate for roughly a year.
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Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 Financial Times Bitcoin and gold surge as Bessent’s bond market intervention weighs on dollar World’s biggest cryptocurrency on track for best week in more than three years
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02 ZeroHedge “When yields drop and the dollar weakens, risk assets tend to rally, and we’ve already seen Bitcoin move higher on the news,” said Jeff Mei, chief operating officer at BTSE.
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03 CNBC Bitcoin was on track for a weekly gain of around 20% early on Friday, following a spate of positive developments for the world's largest cryptocurrency.
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04 MarketWatch Is the ‘debasement trade’ back on? A crypto comeback is brewing. After months of slumber, digital currencies are waking up, with bitcoin and ethereum shooting higher on Thursday, as traders credited President Donald Trump’s crypto bill initiative and the disturbance in bond markets for reviving momentum in the hard-hit space. Some expressed hope that the latest crypto bear market — which crypto enthusiasts call a “crypto winter” — might finally be drawing to a close after a punishing 10-month stretch.
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05 New York Post Business Bitcoin jumped 4.6% to $72,475.25 – a roughly 12% gain over the past two days after the digital asset was trading near $63,000 earlier this week.
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