Bitcoin Soars Past $72K as Shorts Get Crushed
Bitcoin's price surged to its highest level since June 2, hitting an intraday high of $72,408 before easing to $71,423, up 3.07% on the day.
This is a significant gain for the cryptocurrency, coming after a flash crash in June that saw Bitcoin plummet from around $71,765 to $67,895 in a single session.
The rally has also triggered a massive liquidation of short positions, with over $3 billion in shorts being closed out across crypto in just 24 hours. This is the largest two-day liquidation on record, with over 190,000 traders losing their bets that Bitcoin's price would fall.
The move has been attributed to a combination of factors, including the U.S. Treasury's decision to at least double its long-bond buybacks, which has weakened the dollar and pulled bond yields down.