Bitcoin tops $72,000 as Trump White House summit and Treasury bond expansion trigger $3 billion short squeeze
NEW YORK, Aug. 20. Bitcoin ($BTC) cleared $72,000 for the first time since June 1 after two catalysts landed in the same session: the U.S. Treasury said it would at least double longer-term government bond buybacks, and President Donald Trump hosted the crypto industry's leading executives at the White House to restate his pledge to make the U.S. the natural home for the crypto industry. Bitcoin was trading at $71,385.80 at press time, up 11% over 24 hours.
Key takeaways
- Bitcoin cleared $72,000 for the first time since June 1 and was trading at $71,385.80, up 11% over 24 hours, driven by a U.S. Treasury bond-buyback expansion and a Trump White House crypto summit.
- More than $3 billion in crypto shorts were liquidated in 24 hours, with Bitcoin accounting for $1.67 billion and Ether $1 billion, according to CoinGlass.
- A total of 195,045 traders were liquidated, and the single largest liquidation was a $48.80 million BTC-USD position on Hyperliquid.
- The U.S. Treasury said it would at least double longer-term government bond buybacks as a measure to increase market liquidity.
- Ethereum rose 19% to $2,266.81, XRP rose 19% to $1.20, and total crypto market capitalization climbed 10% to $2.52 trillion.
NEW YORK, Aug. 20. Bitcoin ($BTC) cleared $72,000 for the first time since June 1 after two catalysts landed in the same session: the U.S. Treasury said it would at least double longer-term government bond buybacks, and President Donald Trump hosted the crypto industry's leading executives at the White House to restate his pledge to make the U.S. the natural home for the crypto industry. Bitcoin was trading at $71,385.80 at press time, up 11% over 24 hours.
The mechanics showed in the derivatives data. According to onchain analysis platform CoinGlass, crypto shorts worth more than $3 billion were liquidated in the 24-hour window. Bitcoin accounted for $1.67 billion of that figure; Ether accounted for $1 billion. Longs worth more than $305 million were also cleared. The single largest print was a BTC-USD position worth $48.80 million on Hyperliquid. In all, 195,045 traders were liquidated, CoinGlass reported.
A squeeze of that size can carry price without fresh spot demand behind it. Whether organic buyers stepped in to extend the move was not clear at press time.
Policy backdrop
Trump gathered the industry's leading executives at the White House and credited his administration with ending what he called "Operation Chokepoint 2.0," his term for what he characterized as the Biden administration's campaign against the crypto sector. He touted the GENIUS Act, legislation to regulate stablecoins, and urged Congress to pass what he called a "fair version" of the CLARITY Act.
The Treasury said the volume of longer-term government bond buybacks would at least double. The department described the step as a measure to increase market liquidity.
Broader market
Ethereum (ETH) traded at $2,266.81 at press time, up 19% in 24 hours. XRP rose 19% over the same period to $1.20. Total crypto market capitalization climbed 10% in 24 hours to $2.52 trillion.