Bitcoin Explodes Past $72,000 in Historic Short Squeeze
PUBLISHED Aug 20, 2026, 4:47 PM ET
Bitcoin rose above $72,000 on August 20, extending a sharp two-day cryptocurrency rally as traders responded to easier Treasury liquidity expectations, renewed U.S. regulatory optimism and forced short covering. Reuters reported bitcoin up 3.48% at $71,505 late Thursday, while other market sources recorded intraday highs above $72,800. The U.S. Treasury said Wednesday it would at least double the maximum size of long-duration liquidity-support buybacks to $4 billion per operation, covering bonds with 10 to 30 years remaining. President Donald Trump also urged Congress to advance the CLARITY Act during a White House meeting with cryptocurrency executives. Market data showed an unusually large liquidation wave, with CoinGlass figures cited by multiple outlets indicating roughly $2.7 billion or more in crypto short positions liquidated over 24 hours. The supplied claim that this was specifically Bitcoin’s second-largest one-hour squeeze is not established. Bitcoin remained about 43% below its October 2025 record near $126,200.
By Emily Rhodes | JQJO News
Left: Left framing emphasized conflicts, leverage risks, and Trump-related ethical concerns. Center: Center framing emphasized price gains, liquidation data, Treasury actions, legislation. Right: Right framing emphasized deregulation, crypto leadership, markets, and investment opportunity.
August 19, 2026: Treasury 5 buybacks, easing long-end liquidity concerns. https://www.financialjuice.com/News/9727701/Treasury-Announces-Increased-Sizes-of-Nominal-Long-End---Read-Here.aspx
Coverage of Story:
From Left
No left-leaning sources found for this story.
From Center
Bitcoin Explodes Past $72,000 in Historic Short Squeeze
JQJO Reuters The Block Yahoo Finance TheStreet Decrypt CryptoSlate CoinGape Investopedia Investopedia Wall Street Journal Wall Street Journal Barron's MarketWatch MarketWatch Associated Press CoinDesk TradingView FinanceFeeds Blockhead CCN TradingKey KuCoin Crypto News Flash CoinEditionFrom Right
Bitcoin surges above $70K as Trump backs Clarity Act, Treasury ramps up buybacks
New York Post
Comments