19.08.2026 19:30
Bitcoin (BTC) hit its highest level since the start of June, approaching $70,000. The move that ended weeks of consolidation came from Washington.
The cryptocurrency market moved sharply today. Leading cryptocurrency Bitcoin rose to $69,895 during the day. The asset, trading at $68,450 at the time of writing, is up 5.6% on a daily basis. The price had fallen to $64,117 earlier the same day, so the move from bottom to top reached approximately $5,800. The development that triggered the rise was the US Treasury Department's decision to at least double its bond buyback program.
The rise spread across the entire crypto market. Ethereum (ETH) exceeded $2,000 for the first time in months, reaching as high as $2,120, and was trading at $2,085 at the time of writing. XRP, which fell below $1 several times last week, also regained this level and rose to $1.06.
RECORD $1.2 BILLION IN LIQUIDATIONS
The sharp move led to a major cleanup in the derivatives market. According to data, $1.2 billion worth of leveraged positions were liquidated in just one hour. Of this amount, $1.14 billion came from short positions. In short, investors expecting a decline recorded losses. By asset, the largest loss was seen in Bitcoin with $680 million, followed by Ethereum with $425 million.
TREASURY INCREASES BUYBACK AMOUNT TO $4 BILLION
The trigger for the rise came from Washington. The US Treasury Department announced that, starting September 9, it will increase the cap for each bond buyback operation from $2 billion to at least $4 billion. In its statement, the Department stated that the step aims to provide stronger liquidity support in the long-term bond segment, which has seen intense interest from market participants.
The decision found an immediate response in the bond market. The 30-year US Treasury yield, which rose to its highest level in about 20 years on Tuesday, fell 9 basis points to 5.19% following the announcement. The easing in yields supported risky assets such as stocks and cryptocurrencies. However, Peter Boockvar, investment director at One Point BFG Wealth Partners, drew attention to the limits of the step. Boockvar said the step does not mean debt closure but is only a rearrangement of the bond maturity schedule.
The timing is also striking. The US national debt is approaching the symbolic threshold of $40 trillion. According to a market source, interest payments on the debt alone reached $1.4 trillion in the last 12 months, tripling since 2020.
STABLECOIN SUPPLY DOWN $14 BILLION SINCE MAY
A warning also came regarding the sustainability of the rise. Bitfinex analysts noted that stablecoin supply on exchanges has decreased by $14 billion since May. Stablecoin supply represents ready capital waiting to buy in the market, and the contraction of this pool means investors do not yet see major opportunities. Analysts described the rally as lacking funding unless stablecoin supply changes direction.
CryptoQuant's stablecoin supply ratio indicator also confirms the same picture. The indicator, which divides Bitcoin's market value by the total stablecoin market value, rose to 11.69 from 9.82 on June 30. A rise in the ratio signals stablecoin outflows from exchanges. The indicator's highest value this year was recorded at 12.83 on January 14.