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Bitcoin steadies near $78,000 after $3B short liquidation surge
The rally followed a Treasury decision to double buybacks of long-dated bonds, which cracked bitcoin's six-week trading range and contributed to a 24% weekly gain.
Bitcoin was little changed Monday, trading around $77,800 after last week's roughly 24% surge, the best performance since March 2023, according to CoinDesk data cited in its market wrap.
CoinDesk said the move began after the U.S. Treasury decided to double buybacks of long-dated bonds, breaking bitcoin out of a six-week trading range and triggering more than $3 billion in short liquidations over 24 hours.
The report also linked the broader risk move to coordinated strength in gold, with bullion adding about 0.8% on Monday morning and near record highs as debt management continued to pressure long-dated yields.
Altcoins were described as broadly consolidating after selective outperformance last week, with the Altcoin Season index rising to 42/100 from 33 on Friday, while bitcoin dominance was near 59.2%.
Latest closeGold $4,292.50 ▼0.6%|Bitcoin $84,310.25 ▼0.1%