Bitcoin Soars 8% on Wave of Short-Covering After Trump Meeting

Cryptocurrency markets experienced a significant surge on Wednesday, led by Bitcoin's 8% gain. This marked the largest daily increase for Bitcoin since March, pushing its price above $69,000 for the first time in June.

The rapid price reversal triggered a massive wave of short-covering, with over $1 billion worth of Bitcoin short positions liquidated in just one hour, according to Coinglass data. This has been the largest short-covering event since records began in 2021.

Other cryptocurrencies also saw significant gains, including Ethereum, which jumped more than 17% and reclaimed the $2,200 level. The surge was influenced by news from the U.S. Treasury's expansion of its repurchase program, sending long-term U.S. Treasury yields sharply lower and causing the U.S. dollar index to retreat.

U.S. President Trump met with cryptocurrency industry executives at the White House and urged Congress to pass legislation addressing the structure of the cryptocurrency market. He also stated that he would consider regulators' recommendations regarding further government purchases of Bitcoin.