Bitcoin surged past $75,000 early Friday, its highest level since May, as a two-day advance added more than $10,000 to the price and dragged the rest of the crypto complex higher. The move matters because it turned a policy-driven bounce into a short-squeeze that flushed $1.25 billion of bearish positions in 24 hours, $750 million of them tied to Bitcoin alone.
White House pressure meets bond-market rescue
The catalyst was a one-two punch from Washington. On Wednesday evening President Trump hosted crypto executives at the White House and demanded Congress pass the industry-backed CLARITY Act, calling it “a very, very powerful structured legislation which will keep us ahead of China, keep us ahead of everyone else.” Hours later Treasury Secretary Scott Bessent doubled the department’s buyback of long-dated bonds after the 30-year yield climbed to its highest since 2007, pressured by geopolitical tension in the Middle East and a federal debt load that has reached $40 billion. The combined signal, regulatory clarity ahead, liquidity support now, sent risk assets sprinting.
The numbers across the board
Ether climbed to $2,363, a weekly gain exceeding 25 percent. Solana’s SOL added 7 percent, Binance’s BNB 6.4 percent, XRP 19.3 percent and Dogecoin 11.3 percent over the past day. Bitcoin’s own 24-hour move carried it above $70,000 for the first time since early June before pushing through the $75,000 ceiling overnight. Every major token moved in the same direction at the same time, a breadth signal that suggests the rally is macro-driven rather than idiosyncratic.
Shorts get run over
Coinglass data shows the speed of the ascent caught leveraged bears off guard. The $1.25 billion of liquidations in a single session is the largest daily tally since the spring sell-off. When funding rates flip this violently, the next leg often depends on whether spot buyers step in once the forced covering ends. Open interest has not yet rebuilt, which leaves the door open for a consolidation or a second squeeze if fresh longs appear.
What to watch next
The CLARITY Act still faces a divided Congress, and the Treasury buyback is a tactical operation, not a permanent backstop. If the 30-year yield resumes its climb, the risk-on impulse could reverse as quickly as it arrived. For now the market is pricing a best-case scenario: regulatory certainty plus abundant dollar liquidity. History suggests at least one of those pillars usually cracks.