{"id":12134,"date":"2026-08-20T12:20:13","date_gmt":"2026-08-20T12:20:13","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=12134"},"modified":"2026-08-20T12:20:13","modified_gmt":"2026-08-20T12:20:13","slug":"bitcoin-blasts-past-72000-as-3-1b-in-shorts-gets-liquidated","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=12134","title":{"rendered":"Bitcoin blasts past $72,000 as $3.1B in shorts gets liquidated"},"content":{"rendered":"

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Bitcoin surged above $70,000 for the first time since June as falling Treasury yields and Washington\u2019s crypto push crushed bearish bets.<\/p>\n

Data from CryptoSlate<\/em> shows that BTC extended its breakout above $72,000 on Thursday, taking its gain since Monday to roughly 15%. It has climbed to $72,207 as of press time.<\/p>\n

Blockchain analysis firm Glassnode said the daily move amounted to a 5.8-standard-deviation gain relative to Bitcoin\u2019s 30-day volatility, its largest upside shock since October 2023.<\/p>\n

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Chart showing Bitcoin’s period-over-period returns from Nov. 12, 2025, to Aug. 20, 2026 (Source: Glassnode)<\/figcaption><\/figure>\n

The advance followed the US Treasury\u2019s decision to double planned buybacks of long-dated government debt and President Donald Trump\u2019s renewed push for crypto legislation at a White House meeting with industry executives.<\/p>\n

Treasury lit the fuse before Trump added fuel<\/h2>\n

The Bitcoin rally began in the bond market on Aug. 19 when the Treasury Department said it would raise the maximum size of liquidity-support buybacks for 10- to 30-year securities to at least $4 billion per operation from $2 billion, starting Sept. 9.<\/p>\n

The move came after the 30-year Treasury yield reached 5.34%, its highest since 2007.<\/p>\n

Following the announcement, Treasury yields fell, easing one of the pressures that had weighed on risk assets as investors confronted rising US borrowing costs. CryptoSlate<\/em> reported that Bitcoin began breaking through a trading range that had capped it near $67,000 for much of the summer.<\/p>\n

Trump then gave the rally another catalyst.<\/p>\n

Speaking alongside executives including Coinbase CEO Brian Armstrong, Ripple’s Brad Garlinghouse, and Kraken co-CEO Arjun Sethi, Trump urged lawmakers to pass a \u201cfair version\u201d of the CLARITY Act.<\/p>\n

This legislation is designed to establish which digital assets fall under securities or commodities rules and how oversight is divided among federal regulators.<\/p>\n

The bill stalled before the Senate\u2019s August recess, and a procedural vote is scheduled for Sept. 15. It will need 60 votes to advance.<\/p>\n

Armstrong echoed Trump’s view on the legislation on X, saying:<\/p>\n

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\u201cToday\u2019s message from POTUS was clear: This Administration is committed to passing the Clarity Act \u2014 answering voters\u2019 call for consistent rules for crypto. Regulators are aligned, Congress has set a date, and the entire industry is ready to get this across the finish line. 67M Americans own crypto, and they want this legislation. I\u2019m confident the Senate will listen.\u201d<\/p>\n<\/blockquote>\n

During the meeting, Trump also floated the possibility of expanding US government crypto holdings when asked whether the administration could acquire substantial amounts of Bitcoin or other digital assets.<\/p>\n