India, Aug. 20 -- Bitcoin spent weeks struggling to escape a narrow trading range. Then, in a matter of hours, the market suddenly shifted. BTC jumped sharply above $69,000 on Wednesday, August 19, as a US Treasury decision to increase long-term bond buybacks helped ease pressure in the bond market and triggered a wave of buying across risk assets.

The rally did not stop with Bitcoin. Ethereum climbed back about $2,000, while Solana and other major cryptocurrencies also posted strong gains. At the same time, leveraged traders betting against crypto faced a brutal reversal as more than $1 billion in short positions were liquidated during the surge.

Why is Bitcoin (BTC) Price Up Today?

The biggest catalyst came from Washington.

The US T...