Bitcoin Surpasses US$70,000 Amid Declining Yields and Trump Optimism
BUSINESS TIMES SG ·
Bitcoin climbed above US$70,000 for the first time in over two months, driven by US Treasury Secretary Scott Bessent steering bond yields lower and President Donald Trump holding a high-stakes meeting with industry executives. Bitcoin advanced more than 3 per cent to exceed US$71,500, marking its peak since June 1. Other digital assets also rallied, with a token linked to offshore platform Hyperliquid soaring 23 per cent over 24 hours according to CoinGecko data, following remarks by Trump indicating the US is exploring options to permit the derivatives exchange domestically. BTSE chief operating officer Jeff Mei noted that falling yields and a weaker dollar typically bolster risk assets. CoinGlass data revealed that the recent price surge wiped out US$2.7 billion in crypto short positions within a single day, as market sentiment improved significantly following discussions concerning the Clarity Act.
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Bitcoin surged over 3% to break through $71,500, driven by declining U.S. Treasury yields and optimism surrounding President Trump's meeting with the crypto industry. This rally stems from the U.S. dollar falling to a three-month low and a widespread increase in risk appetite. Investors are closely watching whether the U.S. Treasury buyback policy and expectations of deregulation will serve as further growth drivers for the cryptocurrency market.
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- Bitcoin — Surged over 3% to surpass $71,500, driven by falling U.S. Treasury yields, a weaker dollar, and expectations of deregulation from President Trump.
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As U.S. Treasury yields declined and the dollar weakened due to the Treasury Department's long-term bond buyback plan, Bitcoin reached $71,500, marking its highest price since June 1. Additionally, $2.7 billion in short positions were liquidated over a 24-hour period, further accelerating the price surge.
Going forward, the key watchpoints are the passage of the Clarity Act and the pace of regulatory relief. While additional institutional capital inflows are expected in a bullish scenario, caution is warranted regarding increased volatility if interest rates rebound.
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DYAX Investor Sentiment
Bullish (Long) 56% · Bearish (Short) 44%
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