Bitcoin surged 8.7% on Wednesday to an intraday high of $69,749, its steepest one-day move since March 4 and its highest level since June 1. The rally was triggered by the U.S. Treasury announcement to double its long-bond buybacks, pushing yields lower and weakening the dollar in a dynamics analysts have dubbed « QE Lite ». Approximately $1.14 billion in short positions were liquidated across crypto in a single hour, with Bitcoin accounting for $677.64 million of that. On prediction platform Myriad, odds flipped from roughly 70% favoring a decline to a near coin flip within 24 hours, illustrating the market’s abrupt sentiment reversal.
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