AT A GLANCE
- Bitcoin jumped over 3% to top $71,500, its best level since June 1
- Hyperliquid’s token spiked 23% on hopes it could soon operate in the US
- $2.7 billion in short positions got wiped out in just 24 hours
- Falling yields and a weaker dollar are fueling the rally across risk assets
A weaker dollar, sinking yields, and a White House sit-down with crypto executives just gave Bitcoin its best day in months.
Bitcoin is back above $70,000 for the first time in over two months. The catalyst: falling bond yields, a soft dollar, and renewed optimism after President Trump huddled with top crypto leaders this week.
KEY DETAILS
Bitcoin climbed more than 3% to trade above $71,500 Thursday. The rally follows an even bigger 7% surge a day earlier, which liquidated $2.7 billion worth of short bets, according to CoinGlass. Hyperliquid’s token led the broader crypto market higher, jumping 23% after Trump signaled the US may let the offshore derivatives exchange operate domestically.
MARKET REACTION
The move ties directly to Treasury Secretary Scott Bessent’s plan to buy back longer-dated bonds, which pushed yields down and sent the dollar to a three-month low. As BTSE’s Jeff Mei put it, falling yields and a weaker dollar tend to push traders toward risk assets, and Bitcoin has clearly benefited.
WHY IT MATTERS
Wednesday’s meeting between Trump and executives from Coinbase, Kraken’s parent Payward, and Blockchain.com reignited hope for the Clarity Act, the crypto market structure bill still stuck in Senate limbo. For traders, that’s a signal regulatory clarity could finally be within reach.
Watch whether yields keep falling and if the Clarity Act finds new life in Congress – both could decide if this rally has legs.
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Source: Yahoo Finance
