Bitcoin Blasts Past $69,000 Amid Broader Crypto Rally
Bitcoin soared to over $69,000 on Thursday as a broad cryptocurrency rally gathered pace. The move was part of a wave of investor enthusiasm for riskier assets, which saw Ether surge by 18% and Solana gain more than 10%. The upward swing followed the US Treasury's announcement to double its bond buyback program to $4 billion, and President Donald Trump's call to advance the Digital Asset Market Clarity Act.
The rally also benefited from forced buying by traders who had shorted Bitcoin, with over $1 billion in positions liquidated within an hour. Crypto-related shares rose alongside Bitcoin, with Coinbase increasing 10% and Circle gaining 10%. Despite the surge, the cryptocurrency market remains volatile, and experts caution that prices can fluctuate rapidly.