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BTC 
ETH Bitcoin surged again today, breaking through US$72,000 to a new high since June.
After yesterday's sharp rise, Bitcoin surged for the second time today, breaking through US$72,000, reaching its highest level since June. According to Binance data, BTC hit a high of US$72,830 in the day, and the trading price as of press time was approximately US$72,500. 
This rally in the cryptocurrency market is believed to be driven by two major events in the United States. The first catalyst was the U.S. Treasury Department's announcement that it would at least double the size of its long-term treasury bond repurchase operations.
According to the new plan, the maximum size of repurchase operations for 10-to 20-year and 20-to 30-year treasury bonds is expected to be increased from US$2 billion per transaction to at least US$4 billion.
After the decision was announced, the yield on the U.S. 30-year Treasury bond, which had previously climbed to 5.337%(the highest level since 2007), fell sharply. The decline in long-term government bond yields has increased the relative appeal of alternative assets such as Bitcoin that do not provide yields, and BTC was one of the assets that responded most strongly to the news.
The White House cryptocurrency meeting once again boosts Bitcoin
Bitcoin's second wave of gains stems from new news from Washington.
U.S. President Trump reportedly met with cryptocurrency industry representatives at the White House, including executives from Coinbase, Payward and Blockchain.com.
During the meeting, Trump allegedly raised the possibility of the United States buying "large amounts" of bitcoin and urged Congress to pass the CLARITY Act before the key September 15 deadline.
These remarks quickly triggered a new round of buying in the Bitcoin market. BTC quickly rose from about US$69,000 to above US$71,000, and continued its gains, eventually reaching US$72,830.
During the rise in Bitcoin, US$1.54 billion in short positions were cleared
The sudden surge in Bitcoin and Ethereum also led to large-scale liquidations in the leveraged market.
In the past 24 hours, a total of US$1.76 billion in leveraged positions were cleared in the cryptocurrency market, of which US$1.54 billion were short positions. Liquidation of long positions amounted to $219.52 million.
In the last 12 hours,$512.81 million of short positions were liquidated, bringing the total liquidation amount to $612.17 million. In the last four hours alone,$96.75 million of short positions have been cleared from the market.
In the last hour,$55.24 million of liquidation occurred, of which $50.72 million came from short investors.
As BTC and ETH prices rose, the value of open interest contracts denominated in US dollars in the futures market also increased significantly.
However, the data shows that about 90% of the increase in open interest contracts is not due to new leveraged positions entering the market, but due to rising prices of Bitcoin and Ethereum, which has increased the value of existing positions denominated in US dollars.
This suggests that the growth of derivatives markets represents speculative new capital inflows that may not be as large as initially appeared.
