Crypto
Bitcoin Soars Past $69,000 as Treasury Buybacks Fuel Crypto Rally
The cryptocurrency market saw significant gains yesterday, with Bitcoin (BTC) reaching $69,551.09, up 8.18% over the past 24 hours on live CoinMarketCap data. Ethereum (ETH) also traded above $2,250, gaining 17.74% over the same period.
The rally was fueled by a US Treasury decision to double long-dated bond buybacks, which reset liquidity expectations across risk assets. This move, combined with fresh SEC clarity and renewed ETF demand, added weight to sentiment.
Nearly $2 billion in crypto shorts were liquidated over the past 24 hours, marking one of the sharpest squeezes in months. Trading desks flagged a sharp short squeeze, which carried forced buying from the squeeze beyond spot demand alone.