Bitcoin Blasts Past $72,000 on Pro-Crypto Sentiment and Bond Buyback Bets

Bitcoin surged past $72,000 to hit a session high of $72,850 on Thursday, marking a 14% gain over four days. The cryptocurrency's market capitalization rose to $1.45 trillion as a result.

The price increase was fueled by pro-crypto sentiment from a White House meeting and Treasury policy shifts. These factors triggered $1.59 billion in short bets being liquidated, while long bets totaled just $219 million.

Market strategists believe that Scott Bessent's expanded Treasury bond buybacks will further boost crypto momentum. Since Monday, Aug 17, when it traded at around $63,500, Bitcoin has added approximately $9,000 to its value, a 14% gain in just four days.