Bitcoin Hits $70K After Trump Hints at Big Government Buy

Bitcoin officially crossed the $70,000 mark today for the first time since June 2, ending a long 78 day wait for traders. The recent price action also caught short sellers completely off guard, wiping out over $1.2 billion in liquidations in just one hour. One major trader on Hyperliquid even lost an entire 1,800 token short position worth roughly $117 million.

Two major catalysts drove the rapid price recovery. First, the Treasury announced plans to double long end debt buybacks, which pushed bond yields down and created a favorable environment for non yielding assets. Second, President Trump spoke about the possibility of a sizable government Bitcoin purchase during a White House crypto meeting. He noted that the idea has been discussed and that he would listen to official recommendations.

Even with this strong move, the crypto king remains about 44 percent below its record high of $126,080 set last October. Traders should watch closely to see if the market can hold the $70,000 level overnight now that the initial hype is settling. The quieter stance from the Federal Reserve regarding interest rate hikes is also helping keep market sentiment positive for now.