Bitcoin Soars $11k Amid Record Crypto Short Squeeze
Crypto markets experienced a dramatic surge this week, propelled by the forced liquidation of over $4 billion in leveraged short positions across a 48-hour window. The sudden price movement sent Bitcoin soaring to approximately $75,000 during Friday's Asian session, marking an 8% daily gain and close to 18% gains over the seven-day period.
The catalyst behind this rally was the U.S. Treasury Department's announcement that it would expand its bond repurchase program for longer-dated securities. The maximum size per session doubled from $2 billion to $4 billion, creating favorable conditions for risk-oriented assets including cryptocurrencies.
Ethereum jumped 18% in 24 hours, exceeding Bitcoin's performance, while Solana, Dogecoin, and other altcoins recorded double-digit weekly increases. President Trump called on lawmakers to pass the Digital Asset Market Clarity Act during a White House meeting with leading cryptocurrency industry executives, further boosting market sentiment.