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On the Chain: Bitcoin holds above US$72,000 as Trump crypto push and historic short squeeze drive rally
- PRO
Bitcoin remained above US$72,000 early Friday after its strongest rally in months, as improving US regulatory sentiment, lower bond yields and a record wave of short liquidations propelled the broader cryptocurrency market higher.
In the latest pricing, Bitcoin was around US$72,615, up more than 5%, while Ethereum was near US$2,317, up around 4.8%. XRP was among the strongest major tokens, trading around US$1.24 after gaining almost 13%, while Solana also participated in the broader advance.
Bitcoin reached an intraday high of about US$72,844, its highest level since June 1, extending a four-day advance of roughly 14%.
Trump and Treasury moves lift sentiment
The rally accelerated after US President Donald Trump renewed calls for Congress to advance digital asset market structure legislation following discussions with cryptocurrency industry executives.
Trump’s backing of the stalled <a href="https://xpertsstudio.com/trump-urges-senate-to-pass-clarity-act-at-white-house-crypto-summit/” title=”Trump Urges Senate To Pass CLARITY Act at White House Crypto Summit”>CLARITY Act, which aims to establish clearer regulatory treatment for digital assets, helped revive expectations that the US regulatory environment could become more supportive of the industry.
Cryptocurrencies were also supported by the US Treasury’s decision to expand purchases of longer-dated government debt. The move drove Treasury yields lower and weakened the US dollar, providing a favourable backdrop for Bitcoin and other alternative assets.
Short sellers caught in sharp reversal
The speed of Bitcoin’s breakout triggered one of the largest short squeezes recorded in the crypto market.
More than US$3 billion of short positions were liquidated across digital assets during the rally, with more than 190,000 traders affected as Bitcoin broke decisively through the US$70,000 level.
Separate market reporting put short liquidations above US$3.1 billion, while US spot Bitcoin exchange-traded funds attracted around US$517 million of inflows, adding another
The move has taken Bitcoin back above its closely watched 200-day moving average near US$69,000, although traders are now watching whether the cryptocurrency can consolidate above US$70,000 after such a rapid, liquidation-driven advance.
Source: au.finance.yahoo.com