Ende des Bären-Marktes?: Krypto-Rally: Bitcoin knackt wieder die 70.000-Dollar-Marke

Bitcoin, the leading cryptocurrency, has experienced a spectacular surge after a summer slump. The price first surpassed the $70,000 mark since early June and reached a high of around $72,000. Over the past week, Bitcoin has gained more than 11 percent, marking a significant rally. Experts attribute this sudden boom to a combination of monetary policy signals, political support, and a large-scale liquidation wave on derivatives markets.

Traders who had bet on falling Bitcoin prices suffered heavy losses as the price rose. The US government contributed to the upbeat crypto market sentiment with an announcement to increase its Treasury bond purchase program, which pushed down the yield on government bonds and sent the US dollar to a 3-month low. President Donald Trump further boosted investor confidence by meeting with leaders of major crypto companies such as Coinbase, Ripple, and Gemini in the White House.

He expressed his intent to provide stronger support for the sector to compete with China and pushed for a swift passage of the Clarity Act, a crypto regulation bill. The resulting price surge caught speculators off guard, forcing crypto short positions to be liquidated in record amounts of $2.74 billion, with Bitcoin accounting for $1.42 billion.

This acceleration in the upward movement also impacted the rest of the crypto market, pushing Ethereum up by 19 percent to $2,280. The trading platform currency Hyperliquid even saw a gain of up to 24 percent, reaching $72, after Trump announced a possible legal approval of the portal in the US in collaboration with the Commodity Futures Trading Commission.