The largest cryptocurrency has made an impressive leap, breaking through the psychologically important $70,000 mark for the first time since early June. The recovery took 78 days, and the main catalyst was not macroeconomic data, but political will — U.S. President Donald Trump publicly hinted at the possibility of large-scale bitcoin purchases for state reserves.
Today, on the largest exchanges, including Binance and Coinbase, the asset's price briefly reached $70,000–$70,022. Just two days ago, quotes were below $64,000, and in early July they were consolidating around $62,000. Such a rapid reversal triggered a cascade of liquidations: within one hour, more than $1.23 billion in short positions were wiped from the market. Particularly telling is the case on the Hyperliquid platform, where one major player lost approximately $117 million by closing a short on 1,800 BTC.
Trump and the Dollar: A New Chapter in Bitcoin Policy
The key trigger for the growth was Donald Trump's statement at a closed meeting at the White House. The President did not deny that the administration is considering the possibility of acquiring "significant volumes" of bitcoin, directly linking this idea to strengthening the dollar. According to him, relevant recommendations are already being discussed, and he is ready to consider them. This statement carries particular weight against the backdrop of the creation of a strategic bitcoin reserve in March 2025, which so far is only being filled with confiscated assets. A direct purchase on the open market would be an unprecedented step in history.
The Macroeconomic Backdrop Plays into Their Hands
The momentum was also supported by actions from the U.S. Treasury, which announced an increase in the volume of long-term bond buybacks to at least $4 billion per operation. Yields on 30-year bonds pulled back from 2007 highs, dropping from 5.337%, which made long-duration liquidity cheaper and supported risk assets. The Federal Reserve, in turn, did not stand in the way of the rally: in the July minutes, the regulator noted persistent high inflation but refrained from new hawkish signals. The probability of a rate hike in September fell to 34%, and the dollar weakened.
Context is crucial: even after today's surge, bitcoin remains approximately 44% below its all-time high of $126,080, recorded in October last year. Meanwhile, this year, gold has shown a gain of 33%, while BTC was losing up to 46% — now this dynamic has begun to reverse.
The sustainability of the $70,000 level will be tested during the overnight session. However, the combination of factors — declining yields, Fed passivity, and the President's open interest in bitcoin — creates a powerful foundation for further upward movement. In my practice, such a dense alignment of political and monetary stimuli is rare, and if Trump's rhetoric receives concrete confirmation, we could see not just a bounce, but a shift in the medium-term trend.