Bitcoin roars past $70 000 as yields sink, Trump sparks optimism

Don't want to trade it yourself?

Our desk runs DEX portfolios on profit share.

35% Share

$2.5K Minimum

0:00<a href="https://xpertsstudio.com/ether-surges-18-as-crypto-rally-lifts-bitcoin-solana-and-xrp/” title=”Ether Surges 18% as Crypto Rally Lifts Bitcoin, Solana and XRP”>Bitcoin has won back some of the value it lost since hitting an all-time high price of $126 198.07 on 6 October 2025.
Vertigo3D/

For more financial news, visit News24 Business.

Bitcoin surpassed $70 000 (about R1.13 million) for the first time in over two months, propelled by US Treasury Secretary Scott Bessent’s move to push US bond yields lower and a high-stakes meeting President Donald Trump held with crypto industry leaders.

Bitcoin rose about 4.9% to over $72 000 (R1.16 million), its highest level since the start of June. A token associated with offshore exchange Hyperliquid climbed 21% in 24 hours after Trump indicated on Wednesday that the US is looking at options for allowing the derivatives platform to operate in the country

The crypto market rose alongside risk assets following US plans to buy back longer-dated Treasuries, which initially sent yields tumbling and the dollar to a three-month low. Still, some analysts cautioned that the impact of the bond-buying plan may be short-lived.

“When yields drop and the dollar weakens, risk assets tend to rally, and we’ve already seen bitcoin move higher on the news,” said Jeff Mei, chief operating officer at BTSE.

Rajiv Sawhney, head of international portfolio management at Wave Digital Assets, said yield-curve control “was the second-biggest market catalyst on our bucket list that could potentially supercharge a durable bitcoin rally.” The biggest catalyst would be a government mandate to buy bitcoin for a national reserve, he said.

Thursday’s move builds on bitcoin’s 7% surge on Wednesday, which wiped out $1 billion in short positions in the token within an hour. In the past 24 hours, more than $3 billion in cryptocurrency short positions have been liquidated

Other digital assets were also up on Thursday. Ether, the second-largest cryptocurrency, rose as much as 5.3%, while solana climbed about 5% and XRP was up by more than 12%.

Even with the big move, the open interest, or the outstanding number of contracts, in perpetual bitcoin futures, has not seen a swift rebound. Over $3 billion in bets across crypto assets were wiped out in the past 24 hours, according to data from Coinglass. Perpetual futures, which typically make up the majority of crypto trading, had tilted bearish for several months until the sudden surge in Bitcoin prices triggered the sharp reversal.

“On perps, we’re looking at is a one-sided position being forced out rather than money coming in, and nobody is paying up to be long yet,” said Adam McCarthy, head of research at trading firm LO:TECH. “This market has already burned through its short base, so the next leg has to be genuinely bought rather than squeezed.”

Sentiment turns positive

Positive sentiment returned to the crypto market on Wednesday after Trump met with crypto executives from firms including Coinbase Global Inc., Payward Inc. and Blockchain.com Group Holdings Inc. The move helped revive optimism around the Clarity Act, a crypto market structure bill that failed to make it to a vote before the Senate’s August recess.

The legislation has stalled over a fight regarding ethics provisions. Trump urged the Senate to pass the bill, and the chamber is expected to take it up again when it returns in mid-September.

Large bitcoin holders and institutional buyers have also returned to the market this week. Bitcoin whales have added roughly $2.75 billion worth of the token in 60 days, while US-listed spot bitcoin exchange-traded funds saw large inflows from Monday to Wednesday. The 13 ETFs have gained over $1 billion so far this week, compared with $389.7 million in outflows last week.

“The latest data on US crypto spot ETF inflows acts as further proof of how institutional demand for cryptoassets is steadily growing,” said Vladimir Tikhomirov, co-founder of decentralised-finance firm Algebra.

Crypto traders have for months been searching for a bottom in a bear market that started in October, when bitcoin peaked above $126 000 before a sharp sell-off that has continued through this year.

“We are still some ways off from January highs, but if the direction persists, it could signal meaningful momentum,” said Angela Ang, Asia-Pacific head of digital-asset infrastructure firm BitGo.

Next on News24
Rand hits best level in months after surprise US Treasury move

description
username
Currencies
Commodities
Jse Indexes
Rand – Dollar
16.13
-0.2%
Rand – Pound
21.98
-0.4%
Rand – Euro
18.83
-0.2%
Rand – Aus dollar
11.47
-0.0%
Rand – Yen
0.10
+0.4%
Platinum
1,834.00
+0.3%
Palladium
1,334.00
-0.5%
Gold
4,511.83
-0.3%
Silver
68.25
+1.9%
Brent Crude
91.62
+0.7%
Top 40
108,146
-0.3%
ALSI
115,659
-0.3%
RESI 10
133,614
+1.5%
INDI 25
121,811
-1.3%
FINI 15
25,921
-1.4%
All JSE data delayed by at least 15 minutes
Canon PowerShot V1 is a lot of camera for not a lot of money