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ZEC Bitcoin broke through the US$80,000 mark and buying in the cryptocurrency market intensified, pushing its price to its highest level since May 15. Binance data showed that the BTC/USDT trading pair exceeded US$80,000 during the day, and then the Bitcoin price fell slightly, currently trading at approximately US$79,670.
According to CoinMarketCap data, Bitcoin has risen by approximately 3.2% in the past 24 hours, and the cumulative increase in the past seven days has reached 24.47%. The total market value of Bitcoin has reached US$1.59 trillion, and the 24-hour transaction volume is US$46.85 billion.
One of the key drivers of market gains is related to expectations in the U.S. Treasury market. A senior Treasury official said the Treasury could use about $1 trillion in funds in its Treasury General Account (TGA) to support the recently announced expansion of the bond repurchase program.
Market analysis believes that if TGA funds are used for bond repurchase, the U.S. Treasury may have a more significant impact on long-term bond yields. The potential decline in long-term interest rates strengthens expectations of a loose financial environment, which helps support valuations of risky assets, including Bitcoin.
The strong upward trend that has been evident on Bitcoin charts in recent days accelerated further today. Starting from around $77,000, the price of Bitcoin quickly rose to $80,000. As a result, Bitcoin retested the $80,000 level that has been seen as an important psychological resistance level in recent months.
The rally is not limited to Bitcoin. Ethereum rose 3.04% to $2,513 in the past 24 hours, BNB rose 2.49% to $713, and Solana rose 1.84% to $97.20. XRP is traded at $1.52, Dogecoin is $0.092, and Chainlink is $11.73.
Weekly performance is stronger. Ethereum has gained approximately 31.78% in the past seven days, XRP has gained 51.73%, Solana has gained 28.19%, Dogecoin has gained 31.13%, and Cardano has gained 28.81%. Hyperliquid's HYPE token rose 34.92% weekly, while Zcash rose approximately 65.76% to US$851.
Bitcoin's rapid rise has put investors in trouble, especially those holding short positions in the futures market. In the past hour alone, a total of US$23.03 million of positions have been cleared in the cryptocurrency market, of which US$19.28 million have been cleared for short positions and US$3.75 million have been cleared for long positions.
Liquidation totals in the past four hours have risen to US$185.26 million. During this period,$116.96 million of short positions and $68.3 million of long positions were closed. In the past 24 hours, the total clearing amount in the cryptocurrency market reached US$376.19 million. Among them, short positions were cleared of US$218.86 million, and long positions were cleared of US$157.33 million.
