On August 19, Bitcoin surged nearly 8%, moving from the low $64,000s to a peak of $69,749, marking its strongest single-day performance since February 2026. A short squeeze liquidated between $1.1 billion and $1.3 billion in bearish positions within a single hour, climbing to $2.7 billion over 24 hours and affecting over 100,000 traders. This rally was supported by favorable macroeconomic conditions, with the Federal Reserve cutting interest rates and $297.6 million in inflows into spot Bitcoin ETFs in the preceding week.
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