Bitcoin Surges 12% Amid White House Push for Crypto Bill

Bitcoin's price surged 12% in the last two days, ending its months-long stagnation. The upward move began on Wednesday when a sharp drop in Treasury yields relieved pressure on risk assets.

This triggered a broader market shift and a short squeeze that liquidated around $2.7 billion in crypto short positions, according to CoinGlass. When forced to buy back their positions, short sellers pushed prices higher.

Crypto-related stocks also benefited from the move, with Coinbase, Strategy, and another company climbing roughly 7% each.