Bitcoin Price Breakout: U.S. Treasury Pivot Sparks Rally Above $69K

Crypto markets surged Thursday, with Bitcoin (BTC) price climbing above $69,000 for the first time since June as investors responded to a shift in US Treasury policy and a wave of forced short-position liquidations.

The total crypto market capitalization jumped 7.8% in 24 hours to $2.45 trillion on August 20, 2026, according to CoinGecko data.

Sponsored

18+ · Gambling involves risk. Play responsibly.

Bitcoin (BTC) price rose nearly 8% to trade above $69,500, briefly approaching $70,000 before easing. Ethereum (ETH) surged 18% to above $2,250, while XRP gained more than 10% to reclaim the $1.10 level. Solana (SOL) also advanced more than 10%.

The rally came as investors responded to a US Treasury decision to expand its long-term bond buyback operations, while heavy short-position liquidations amplified the move across crypto markets.

Why did the Crypto Rally Accelerate?

The catalyst was the US Treasury’s announcement that it will expand long-term bond buybacks from roughly $2 billion to at least $4 billion per operation, starting in September 2026. The move pressured long-term bond yields lower and boosted risk appetite across markets.

The initial gains were then amplified in crypto derivatives markets by a sharp short squeeze.