Bitcoin Blasts Past $71K on Bond Market News

Bitcoin's price surged past $71,000 this week after bond market news sparked a rally that wiped out over $1 billion in leveraged positions on major exchanges.

The catalyst for the rally was a report of bond market intervention, which sent Bitcoin shooting up to nearly $71,248, a 9.27% increase from last week and a 6.25% jump from last month.

TradingView data showed that Bitcoin traded in a range of $68,932.98 to $71,889.09, with the coin opening at $69,289.44 after closing at $65,047.87 the previous day.

The speed of the rally caught leveraged traders off guard, resulting in massive liquidations on spot CFD markets, with over $518 million in liquidations on Binance and approximately $489 million on Hyperliquid.