Bitcoin Surges to $79,500 on Record Short Liquidations

Bitcoin's price surged to $79,500 due to a record $1.44 billion in short liquidations and strong inflows into U.S. spot Bitcoin ETFs, which saw about $1.92 billion over five days. This boost in value was also driven by U.S. Treasury liquidity measures and political support for crypto regulation, which boosted investor confidence.

Standard Chartered's analyst Geoffrey Kendrick now sees a potential year-end rally towards Bitcoin's $126,000 all-time high, representing a 58% increase from current levels. The bank projects that Bitcoin could reach $100,000 this year and $500,000 by 2030, highlighting growing institutional demand and market momentum.