Bitcoin surges toward $70,000 in the largest short squeeze since 2021, liquidating over $1 billion in bets. Here's what's next for BTC price and where early-stage plays like LiquidChain fit in.
Bitcoin was in demand again after a strong Wednesday after-hours session, which saw it move from $64,000 to briefly touch $70,000 for the first time since June as investors returned to riskier assets. In early trading on Thursday, the cryptocurrency was changing hands for $69,931.49, up around 1%.
Bitcoin is showing some of the strongest capitulation signals of the current downturn, suggesting the selloff may be entering a later stage even as the market offers little evidence of an imminent rebound.
Digital currency markets experienced a powerful upward movement Thursday following the Treasury Department's announcement to significantly increase its bond repurchase program, creating momentum that lifted both cryptocurrency prices and traditional equities.
Bitcoin lost more than 50% between its October 2025 peak and its June low. However, BlackRock does not change its position.
On Wednesday, Bitcoin crossed the $70,000 threshold, achieving a price level unseen since the beginning of June. This surge represents the cryptocurrency's strongest performance in nearly three months.
Market sentiment in cryptocurrencies was supported by Trump's plans to buy sizable amounts of Bitcoin as he affirmed his support for the industry.
Institutional interest in spot Bitcoin ETFs signals growing confidence in crypto, potentially driving broader adoption and innovation in digital assets. Spot Bitcoin ETFs pull in $517M in a single day as crypto market finds its footing.
Traders betting against crypto lost $2.74 billion in a day, more than the short side of the October 2025 crash that remains the biggest liquidation event in the market's history.
Every major except tron posted double-digit weekly gains, with nearly $1.4 billion of short positions wiped out after the Treasury doubled its bond buybacks.
President Donald Trump reiterated on Wednesday his commitment to preserve the U.S. leadership in Bitcoin (CRYPTO: BTC), cryptocurrency and prediction markets. Trump Asks Congress to Move Quickly on CLARITY Act Trump hosted White House cryptocurrency summit alongside CFTC Chairman Michael Selig and SEC Chairman Paul Atkins.
Swapping BTC for Wrapped Bitcoin: when the move to WBTC can be tax-neutral in Austria, and which tax risks investors should know about. Acquisition costs carry over, but the classification of the token decides the outcome.