Bitcoin surged above $82,000 for the first time since May 11, up 4.0% to $81,209.47, as $510 million in shorts were liquidated within 24 hours. Ethereum climbed 4.2% to $2,518.82, XRP gained 5.7% to $1.45, and BNB rose 4.3% to $727.73. The rally is part of a broader market surge that added over $1.45 trillion across global markets today. The Nasdaq rose 1.43%, the S&P 500 gained 1.05%, and the Dow climbed 1.20%, while gold and silver jumped 2.25% and 2.53% respectively. Falling Treasury yields and dropping rate-hike expectations are fueling the risk-on move. Three factors are driving crypto specifically: the US Treasury’s plan to double long-end bond buybacks, boosting market liquidity; a wave of short liquidations forcing sudden buying pressure; and continued institutional accumulation, including large corporate Bitcoin purchases from firms like MicroStrategy.
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