Bitcoin Jumps 14% to $72,000 as Treasury Doubles Long-Bond Buybacks
Updated
Updated · enterpriseam.com · Aug 23
Bitcoin Jumps 14% to $72,000 as Treasury Doubles Long-Bond Buybacks
3 articles · Updated · enterpriseam.com · Aug 23
Summary
$72,000 marked Bitcoin’s highest level since June after a 14% surge in 24 hours, ending months of decline and triggering more than $1 billion in BTC short liquidations within about an hour.
At least $4 billion in Treasury purchases of 10- to 30-year bonds per operation—up from $2 billion—was read as a liquidity boost after recent U.S. debt auctions cleared at the highest long-term yields in years.
$2.7 billion in broader crypto short covering amplified the move, with traders squeezed out of a near-record bearish positioning that turned the rally into the biggest liquidation wave since 2021.
ETH rose 20%, XRP 15% and Hyperliquid’s HYPE 25%, while gold gained 2.7%, underscoring a wider shift into scarce or risk-sensitive assets as the dollar softened.
The rally also lands as U.S. federal debt tops $40 trillion and after the Trump administration signaled a friendlier crypto stance, with Standard Chartered projecting Bitcoin could reach $100,000 by year-end.