Bitcoin Hits $70,000 as Trump Pushes CLARITY Act, Hyperliquid Surges and $1.4 Billion in Shorts Get Wiped Out

By late trading, Bitcoin was changing hands around $69,200, up approximately 7% over 24 hours after starting the session near $64,000. Hyperliquid’s HYPE token jumped 11% following Trump’s comments, while roughly $1.4 billion in bearish crypto positions were liquidated within four hours.

Bitcoin is up 7% overnight, Source: Brave New Coin

The immediate takeaway is that crypto suddenly has multiple catalysts pointing in the same direction. The more important question is whether any of them can deliver more than a spectacular relief rally.

Treasury Buybacks Spark a Bitcoin Rally and $1.4 Billion Short Squeeze

The move began with the bond market, not the White House. The Treasury Department announced it would at least double the maximum size of its long-dated bond buyback operations, increasing individual purchases from $2 billion to at least $4 billion.

The expanded program covers securities in the 10-to-20-year and 20-to-30-year maturity brackets. It takes effect on September 9 and runs through November 4.

Markets immediately interpreted the announcement as a signal that Treasury Secretary Scott Bessent is prepared to support liquidity in a government debt market strained by rising long-term yields. The 30-year Treasury yield fell almost 10 basis points to approximately 5.19%, while the dollar weakened.