Bitcoin just blew past $71,000 in a massive breakout, marking its highest level since June and adding over $190B to the global crypto market cap. The sudden surge triggered nearly $2B in total liquidations as over $1B in leveraged short positions were wiped out in a single hour. The primary catalysts driving the rally include: - U.S. Treasury Bond Buybacks: The Treasury announced plans to double its long-dated debt buybacks to at least $4B per operation starting in September. The resulting drop in yields and dollar pressure injected fresh liquidity into risk assets. - White House Crypto Summit: High-level policy momentum following executive roundtables with President Trump, CFTC Chair Selig, and top industry leaders from Coinbase, Ripple, and a16z fueled market confidence. - Regulatory Developments: Clearer regulatory frameworks and upcoming CFTC meetings with crypto executives are boosting expectations for standardized market structures. The market surge is also lifting crypto-linked equities, with Strategy jumping nearly 10% and Coinbase rising 7% in premarket trading.