Bitcoin Sprints Past $79,000 Amid US Debt Fears

Bitcoin surged past $79,000 on Friday morning, marking a significant milestone for the cryptocurrency. The rally was fueled by growing fears over the U.S. national debt, which has surpassed $40 trillion.

According to Coinglass data, approximately $154 million in short bets were wiped out in just one hour and $295 million over four hours. This pushed bitcoin's 24-hour short liquidations to $764 million.

Total liquidations across the cryptocurrency market breached $1 billion, with short liquidations alone topping $1.22 billion.

Strategy executive chairman Michael Saylor was likely relieved by the surge, as his company's BTC holdings returned to profit for the first time in nearly three months.