Bitcoin Surges Past $75,000 on Treasury Buyback Expansion
Bitcoin broke above $75,000 in Asian trading hours on August 21, touching a high of $75,740.04 before pulling back to around $74,378, representing a daily gain of approximately 7.4%. The price spike was fueled by the U.S. Treasury Department's expansion of long-term bond buyback operations, announced on August 19.
According to CoinDesk data, Bitcoin had accumulated gains of nearly 18% to 20% for the week, recovering all losses since June. Market analysts attributed the surge not to the Clarity Act, but rather to the Treasury's policy actions, which have reignited concerns about 'fiscal dominance.'
Matthew Sigel, VanEck's Head of Digital Assets Research, stated that the current market reaction has nothing to do with the Clarity Act. He emphasized that the real driver behind this surge is the U.S. Treasury Department's policy actions, which have undermined confidence in the traditional monetary system.
The sharp rally in the crypto market triggered a massive wave of short liquidations, with short positions in cryptocurrencies suffering losses of up to $1.23 billion within a single hour.