Bitcoin rises 11% due to U.S

Bitcoin's price surpassed $71,700, marking an intraday gain of 11%. This is the first time it has reached this level since early June.

The price surge is not directly related to cryptocurrency. The cause lies in the U.S. Department of the Treasury's decision to double its buyback of old long-term government bonds to at least $4 billion.

Investors interpreted this move as a form of quantitative easing and a signal for dollar weakening. As a result, traders began buying scarce assets, including digital currencies.

Market mechanics led to a mass closure of short positions. Approximately $1.5 billion was used to forcibly buy back assets, with $700 million entering the market in just one minute.

This event may become the largest Bitcoin short squeeze in history. Meanwhile, shares of companies linked to the crypto industry rose: Coinbase gained 7%, MicroStrategy 10%, and Robinhood 5.4%.

An additional growth factor was Donald Trump's speech. He met with industry representatives at the White House and urged Congress to pass laws regulating cryptocurrencies.

Despite the current rise, Bitcoin's price remains approximately 40% below the level recorded before the autumn market crash.