Digital Finance & Tokenization▲impact 4
Crypto market surges as Bitcoin breaks above 70,000 dollars
The cryptocurrency market rallied sharply today, with Bitcoin climbing above 70,000 dollars and Ethereum gaining about 20 percent in a single day, while many other altcoins rose only around 5 to 7 percent. The move was driven by the liquidation of short positions worth 1.2 billion dollars within one hour, alongside a new measure from the U.S. Treasury to increase buybacks of long-term government bonds from 2 billion dollars to at least 4 billion dollars per month, starting from September 9 through November 4, to ease pressure on long-term yields. In addition, President Donald Trump met with major crypto executives at a White House summit and said the government is considering holding Bitcoin in a significant size, as well as bringing Hyperliquid into the United States legally, sending the HYPE token up about 11 percent. Meanwhile, Injective received SEC registration for transfer agent services, supporting its push into tokenized assets. U.S. spot Bitcoin ETFs recorded inflows for a third consecutive day, with more than 8,000 Bitcoin purchased through ETFs in the latest session, and BlackRock alone bought more than 4,000 Bitcoin. The next key price levels for Bitcoin are 73,000 to 75,000 dollars and 80,000 to 82,000 dollars, while Ethereum needs to clear 2,400 to 2,500 dollars to strengthen its recovery.