Bitcoin Soars Above $70,000 as US Spot ETFs Fuel Crypto Rally
The crypto market has been on the rise today, driven by several key factors. One major contributor is the buying activity of U.S. spot Bitcoin ETFs, which have recorded purchases for three consecutive days. Over 8,000 BTC were bought through these ETFs in the latest session alone, with BlackRock purchasing more than 4,000 BTC.
This surge in demand has pushed the price of Bitcoin above $70,000, its highest level since June 2. The short liquidations that occurred when Bitcoin rose over 8% have also added to the buying pressure. However, selling pressure remains visible around current levels.
Another significant factor behind the market's rally is the U.S. Treasury's decision to increase its planned purchases of long-term government debt from $2 billion to at least $4 billion. This move aims to improve liquidity in U.S. government bonds with maturities between 10 and 30 years.
President Donald Trump also expressed continued support for the crypto industry during a White House summit, stating that his administration has discussed building sizable Bitcoin or other crypto holdings. However, no confirmed plan exists for the U.S. government to buy large amounts of Bitcoin.