Bitcoin approaches $70,000, driving crypto-related stocks sharply higher; Strategy surges over 12%
Source：
decrypt.co
Odaily News As Bitcoin approaches $70,000 and triggers a large-scale short squeeze, crypto-related stocks on U.S. exchanges are rallying across the board. Strategy (MSTR) rose 12.68% to $104.25, Coinbase (COIN) climbed 9.05% to $159.47, Circle (CRCL) gained 9.56% to $78.59, and BitMine (BMNR) advanced 10.72% to $20.24.During the same period, Bitcoin's short-squeeze rally led to over $1 billion in short positions being liquidated within an hour. Additionally, the U.S. Treasury announced it would at least double the scale of its long-term Treasury buyback program starting in September, pushing risk assets broadly higher. Strategy and Coinbase are particularly noteworthy, as both are among the large-cap stocks heavily shorted on Wall Street. Coinbase is currently the fifth-most-shorted stock in the financial sector. As such, this rally not only squeezed shorts in the crypto derivatives market but may also force U.S. equity investors shorting MSTR and COIN to cover their positions. (Decrypt)
