Bearish Crypto Bets Destroyed as Bitcoin Surges Toward $70,000
PUBLISHED Aug 20, 2026, 12:39 AM ET
Bitcoin briefly surged past $70,000 on August 19, 2026, touching its highest level since early June and triggering the largest wave of forced short closures since 2021. Approximately $2.7 billion in bearish crypto bets were wiped out within 24 hours, affecting over 172,000 traders, with shorts accounting for roughly 92% of liquidations . The rally was fueled by the U.S. Treasury's decision to double long-term bond buybacks and President Trump's comments urging Congress to pass the CLARITY Act and suggesting CFTC is working on a U.S. pathway for Hyperliquid . Ethereum jumped 18% and HYPE surged over 22%. Analysts caution the move was primarily derivatives-driven, may prove fragile without sustained spot demand, and that Bitcoin must reclaim key levels above $75,000 to confirm a trend reversal .
By Lauren Mitchell | JQJO News
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trigger_description: US Treasury bond buyback expansion and Trump crypto policy remarks. https://home.treasury.gov/ (official statement published August 19, 2026)
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Bearish Crypto Bets Destroyed as Bitcoin Surges Toward $70,000
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