Wall Street and Washington Fuel Bitcoin Rally: Here's What's Going On

BREAKING: $BTC surges above $79,000 as Wall Street and Washington fuel the rally, with institutional buying and billions in short liquidations accelerating the move. i32

Bitcoin just punched through seventy nine thousand dollars. And this time the buyers aren't teenagers on their phones, they're the suits.

US spot Bitcoin ETFs pulled in more than a billion dollars over just two days. That's Wall Street money, pension-sized money, flowing straight into the order books. And Washington is helping, with a friendlier regulatory mood giving institutions cover to buy without their lawyers fainting.

Then the short sellers made it worse for themselves. Billions of dollars in bearish bets got liquidated as the price climbed, and every forced buy-back pushed it higher still. A rally that feeds itself, at least while the leverage lasts.

So the picture tonight is simple. The people who spent years calling Bitcoin a toy are now the ones bidding it up, and the ones betting against it just paid billions for the privilege.

This is Sara White, reporting for HIT.