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Bitcoin climbed about 11% since early this week toward $70,000 in mid-August, reaching its highest level since early June, as optimism over a more crypto-friendly US policy stance sparked a rebound that was amplified by a wave of short liquidations. President Donald Trump met with crypto executives at the White House and urged Congress to pass legislation expected to support the digital-asset sector, boosting sentiment across the crypto market. More than $1 billion in Bitcoin short positions were liquidated in about an hour, while total crypto short liquidations reached a record $2.7 billion, further accelerating the rally. Falling Treasury yields provided another tailwind after the US Treasury said it would at least double buyback operations for long-dated government bonds, improving the backdrop for risk assets. US spot Bitcoin ETFs recorded $517 million in net inflows, their highest since May.
