Bitcoin Soars to Near $80k Amid Record Short Liquidations

Bitcoin surged to nearly $80,000 on Friday and was trading near $77,500 over the weekend, marking its highest level since May. The weekly gain is reported between 20% and 24%, depending on the data provider, making it the sharpest weekly advance since March 2023.

The move is attributed to a liquidity-support operation announced by the US Treasury on Wednesday, which will at least double long-dated bond buybacks from September 9 through November 4. The announcement also sparked a White House meeting between President Trump and crypto executives, including leaders from Coinbase and Kraken's parent company.

The rally saw record short liquidations across crypto, with Bloomberg logging $2.7 billion in the initial 24-hour window, and CryptoSlate citing Coinglass data putting cumulative Bitcoin short liquidations since Wednesday above $4 billion.