Bitcoin Soars 8% to $69,600 as Treasury Doubles Bond Buybacks
A significant surge in Bitcoin's price to approximately $69,600 on August 19, 2026, marked an 8% daily gain for the cryptocurrency. Multiple catalysts contributed to this rally, including policy shifts and technical factors.
The primary driver was the U.S. Treasury's decision to double its bond buyback operations, increasing the maximum buyback size from $2 billion to $4 billion for 10- to 30-year Treasury securities.
According to analysts, this move sent Treasury yields lower and sparked investor appetite for riskier assets like cryptocurrencies.
A massive short squeeze also played a role in amplifying the price move. Over $1 billion in Bitcoin short positions were liquidated in roughly an hour, as traders betting against Bitcoin were forced to cover their positions at rising prices.