Bitcoin Jumps Nearly 6% as Treasury Move Sparks Short Squeeze

Bitcoin rose nearly 6% to above $69,000 on Wednesday, its highest level since June, after the U.S. Treasury said it would double purchases of long-term bonds. The move was interpreted as a form of quantitative easing, weakening the dollar and boosting demand for scarce assets like Bitcoin, triggering a short squeeze of about $1.5 billion. Analysts suggest the cryptocurrency may have bottomed out earlier this summer, with additional support from ETF inflows and a pause in rate hikes.