Bitcoin jumps 11% to 11-week high on short liquidations
Bitcoin rises about 11% since early this week toward $70,000 in mid-August, with over $1 billion in BTC shorts liquidated and total crypto short liquidations at a record $2.7 billion.
Bitcoin climbed about 11% since early this week toward $70,000 in mid-August, reaching its highest level since early June, as a wave of short liquidations accelerated the rebound.
More than $1 billion in Bitcoin short positions were liquidated, while total crypto short liquidations reached a record $2.7 billion.
The rally came as President Donald Trump met with crypto executives at the White House and urged Congress to pass legislation expected to support the digital-asset sector.
Optimism was further boosted by the US Treasury’s decision to at least double buyback operations for long-dated government bonds, pushing Treasury yields lower and improving the backdrop for risk assets.
US spot Bitcoin ETFs recorded $517 million in net inflows, their highest since May.
Ether also surged, rising 16% in one day and about 19% over the past week.