Bitcoin storms $70,000: Trump's statement and the macroeconomic backdrop turn the market around
For the first time since early June, the leading cryptocurrency has firmly established itself above the psychologically important mark of $70,000. This surge was the result of a confluence of several factors, ranging from macroeconomic signals to high-profile political statements in Washington. Investors needed 78 days of waiting to see this level again, and now the market is asking itself — how sustainable will this breakout prove to be?
Momentum from the White House
The key catalyst for the move was comments from Donald Trump. During a meeting dedicated to digital assets, the U.S. president did not deny the possibility of acquiring a "significant amount" of bitcoins for state reserves. Moreover, he directly stated that this idea is being actively discussed within the government and that he is ready to consider specific proposals. For the market, this became a signal that cannot be ignored.
It is important to understand the context: in March 2025, the Strategic Bitcoin Reserve was created, but it was filled exclusively with confiscated assets. A purchase on the open market would set a precedent that radically changes the rules of the game and paves the way for institutional demand from the state.
The macroeconomic backdrop plays in its favor
Additional support came from the actions of the Federal Reserve. The minutes of the July meeting contained no surprises, and the rhetoric was softer than market participants had feared. Against this backdrop, the yield on 30-year U.S. Treasury bonds fell from its highs, and the probability of a rate hike in September dropped to 34%. A weaker dollar and cheaper "long money" traditionally act as catalysts for risk assets, and bitcoin was no exception.
A few numbers and consequences
The explosive growth left no chance for bears. In a single hour of trading, short positions brought traders losses of about $1.23 billion, and one major player on Hyperliquid lost roughly 1800 BTC (~$117 million). The derivatives market was clearly unprepared for such a reversal. At the time of writing, BTC was reaching $70,022 on Coinbase and $70,000 on Binance.
Notably, even at current levels, bitcoin is still trading about 44% below its all-time high of $126,080, set in October last year. However, something else matters: for the first time in a long while, the flagship cryptocurrency is outpacing gold, which has risen only 33% since the start of the year, while BTC's performance had been negative. This shift in the balance of power could signal a return of interest in digital assets as an alternative store of value.
My take: Trump's words are not just political rhetoric, but a marker of a paradigm shift. If the U.S. government truly begins buying bitcoin directly, it will create colossal demand that the market has not yet priced in. However, one should not forget about volatility: holding above $70,000 is only the first step. The key test will be the ability to maintain this level in the coming days; otherwise, we risk seeing another false breakout.