Bitcoin surged from $64,112 to nearly $69,700 in just a few hours overnight Wednesday to Thursday, driven by the US Treasury’s announcement that it had doubled its long-term bond buyback program to $4 billion per operation. This 8.7% jump triggered a record $2.5 billion in short positions being liquidated within 24 hours, forcing short sellers to urgently cover their positions and fueling a self-reinforcing bullish cycle. The total cryptocurrency market capitalization rose by $190 billion in a single night, with Ether and Solana also benefiting from this liquidity wave. Trump separately met with executives from Coinbase, Ripple, Kraken and other major players at the White House, mentioning the possibility of the US government purchasing « sizable » amounts of Bitcoin without specifying any amount or timeline.
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