Bitcoin Rallies Past $69,700 as Treasury Buybacks and CLARITY Act Push Fuel Short Squeeze

Bitcoin surged past $69,700 and briefly touched $70,000 on Wednesday for the first time since June 2. The sudden move followed a Treasury Department announcement that it would double its long-dated bond buyback operations.

The expanded program is set to take effect on September 9 and run through November 4. According to CoinGlass data, approximately $1.4 billion in short positions were liquidated within four hours.

President Donald Trump used a White House gathering of crypto executives to demand movement on the stalled CLARITY Act, while revealing that regulators are exploring a compliant pathway for decentralized derivatives exchange Hyperliquid to enter the United States.