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Bitcoin Roars Past $70,000 as Yields Sink, Trump Sparks Optimism
More than $3 billion in short positions were liquidated as institutional inflows and Treasury buybacks added fuel to the rally, CoinGlass said.
- On Wednesday, Bitcoin surpassed $70,000 for the first time since June, driven by Treasury liquidity expansion and renewed optimism over U.S. cryptocurrency regulation.
- Treasury Secretary Scott Bessent doubled long-term bond buybacks to $4 billion, while President Donald Trump met with crypto executives at the White House to urge passage of the Digital Asset Market Clarity Act.
- Forced short liquidations exceeding $3 billion in 24 hours accelerated the rally as traders covering bearish bets broke Bitcoin past a six-week resistance level.
- Spot Bitcoin ETFs recorded $517 million in inflows on Wednesday, while the Senate is expected to vote on the Digital Asset Market Clarity Act on September 15.
- Despite the surge, Bitcoin remains far below its October 2025 record above $126,000, and analysts caution the asset must sustain current momentum to confirm a lasting recovery.
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·Lakewood, United States
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Coverage Details
Total News Sources85
Leaning Left4Leaning Right16Center15Last UpdatedBias Distribution46% Right
Bias Distribution
- 46% of the sources lean Right
46% Right
11%
C 43%
R 46%
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