Live Updates: Bitcoin Surges to $72K While Bond Yields Rise

Markets may now challenge Treasury Secretary Scott Bessent’s efforts to bring down yields on long-term US government bonds.

The Philadelphia Fed’s manufacturing index jumped to 47.4 in August, marking its strongest reading in more than a decade.
The gauge had already reached 41.4 in July, while economists had projected a drop to 25.
The prices-paid component declined 13 points to 40.9.
US initial jobless claims also remained subdued, falling to 206,000 last week from 212,000 previously. The figure contrasts with recent nonfarm payrolls data that has pointed to some weakening in employment conditions.
Treasury yields continued to move higher, with the 10-year yield rising four basis points to 4.69%.

Bitcoin slipped to around $71,500 on Thursday after reaching $72,344 earlier in the session. Despite the retreat, BTC remained up roughly 11% on the day, according to CoinDesk data.
The pullback followed a strong breakout above $72,000 during European trading hours, sending Bitcoin’s market capitalization back above $1.4 trillion.
Crypto markets continued to diverge from equities, with US stock futures struggling before the opening bell as rising Treasury yields pressured the Dow, S&P 500 and Nasdaq. Walmart shares also fell following its earnings release.

Bessent’s Treasury Department surprised markets Wednesday by announcing a significant increase in buybacks of longer-dated government bonds.
Expectations that the move could inject liquidity into markets helped push the 30-year Treasury yield down 10 basis points, providing a catalyst for the crypto rally and helping Bitcoin reach $72,000 for the first time since early June.
However, a sustained decline in long-term yields may require more than a single Treasury intervention.
Much of Wednesday’s yield decline was already being reversed. About 90 minutes before the US market opened, the 30-year yield had gained five basis points to 5.24%.
The 10-year yield also returned above 4.70%, while the two-year yield rose to 4.195% after falling to 4.12% the previous day.

Bitcoin is on track for its first August gain since 2021, with the cryptocurrency up around 15% this month. BTC has ended each of the past four Augusts in negative territory.
The asset is also positioned for its first quarterly gain since the third quarter of 2025, having risen about 23% during the current quarter.
August is not over yet, and September could present a tougher test. Historically, Bitcoin has declined about 3% on average during September.
BTC was trading slightly below $72,000.

The US Dollar Index has fallen 3% since the end of July and was recently trading around 98.6.
DXY moved below its 200-day moving average on Wednesday following the Treasury’s bond-buyback announcement.
A sustained move below the 200-day average, currently near 99.1, could create a more favorable backdrop for risk assets, including Bitcoin.

Bitcoin’s surge above $69,000 triggered about $243 million in short liquidations within an hour, according to CoinGlass.
Short positions accounted for nearly all of the $252 million in liquidations, while longs suffered about $9 million in losses.
Bitcoin contributed roughly $220 million to the liquidations, while Ether accounted for another $11 million.
Forced liquidations occur when leveraged positions move too far against traders and exchanges automatically close them. Closing short positions requires buying, which can add further momentum to a rising market.
Total crypto liquidations reached $3.26 billion over 24 hours, including $1.2 billion in short liquidations during the latest 12-hour period.

Bitcoin climbed to $71,000, gaining more than 2.5% over the previous 24 hours and approximately 12% over the past week.

India’s Reserve Bank surprised investors by signaling that it could raise interest rates later this year, sending domestic bond yields higher.
Minutes from the RBI’s August meeting showed growing concern over inflation. Deputy Governor Poonam Gupta raised the possibility of a rate hike, while external members suggested monetary policy might need to be recalibrated.
The policy shift could affect crypto markets because India has one of the world’s largest crypto user populations. Tighter financial conditions could influence domestic trading activity and strengthen the rupee backdrop.
The RBI’s stance contrasts with expectations for easier US monetary policy and strong crypto ETF inflows, which have helped Bitcoin climb above $69,000.

China’s technology-heavy Star 50 Index is becoming increasingly important as Beijing ramps up investment in artificial intelligence and domestic chip production.
Technology companies account for roughly 86% of the index, which has outperformed the CSI 300 by about 30% this year.
Its performance reflects the broader global AI investment cycle that has also fueled semiconductor stocks, an area that has shown a loose correlation with crypto markets.

US spot Bitcoin ETFs attracted $517 million on Aug. 19, their strongest daily inflow since early May. Ether ETFs brought in another $189 million, marking their biggest inflow since October 2025, according to SoSoValue.
The combined $706 million inflow highlights renewed demand behind Bitcoin’s move above $69,000 and Ethereum’s 18% rally toward $2,250.
The fresh inflows follow a prolonged period in which Bitcoin traded below $64,000 while ETF demand gradually recovered. The latest data suggest institutional buying may now be contributing to the breakout.
XRP and Solana funds also recorded modest inflows, while Hyperliquid’s product saw an outflow of roughly $2 million.
Bitcoin’s rally also triggered significant losses for short sellers, with crypto shorts suffering a record $2.7 billion in liquidations as BTC approached $70,000.
The sustainability of the move will depend partly on whether ETF inflows remain elevated. One strong session confirms renewed demand but does not guarantee that the breakout will hold.
Continued ETF buying over the next few sessions could point to a stronger institutional bid returning to the market. If flows reverse, Bitcoin could once again test the $64,000 region as a key support level.

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