Bitcoin Clears $75,000 in Biggest Crypto Short Squeeze Since 2021: September 15 Decides

Standard Chartered's Geoffrey Kendrick suggests Bitcoin's year-end target of $100k may be too low due to recent price surges and ETF inflows. Bitcoin's price has risen sharply, liquidating short positions and attracting long-term investors. Strategy, the world's largest corporate Bitcoin treasury, has seen its holdings return to breakeven after recent sales.

Tunisia's olive oil exports rose 55.3% to 368,000 metric tons, generating $1.6B in revenue. The EU was the top destination. South Africa's rand strengthened due to gold price gains and a weaker dollar. Bitcoin surged 6.9% to $77,675.94 on US crypto legislation optimism and Treasury bond buybacks.

Bitcoin (BTC) rose 7% to $79,463, its first time above $70,000 since May, driven by U.S. Treasury's doubled bond buybacks and political support. Treasury Secretary Scott Bessent framed the move as easing soaring yields. President Trump met with Coinbase (COIN) and Robinhood (HOOD) executives, advocating for the Clarity Act and U.S. crypto leadership.

The U.S. Senate will vote on the Clarity Act on Sept. 15, with Coinbase CEO Brian Armstrong predicting its passage. The bill aims to establish a regulatory framework for crypto, clarifying jurisdiction and stablecoin rewards. Bitcoin's recent rally is partly attributed to this news. The bill requires 60 votes to pass, and its outcome will impact the crypto market.

Bitcoin (BTC) rose 23% over the past week to $77,535, according to Bitfinex analysts. They attribute the rally to spot buying, ETF inflows, and limited leverage, suggesting a longer-lasting move than typical short squeezes. Open interest rose only 4% during the rally, indicating spot demand outpaced new leveraged positions. The $68K–$69K zone is seen as crucial support, with ETF inflows and Treasury yields as key factors.

Bitcoin surged 22% this week, reaching $77,000, driven by regulatory optimism and Treasury buybacks. The rally, now 30% from its March low, was fueled by the White House crypto summit and expectations of lower rates. Other cryptocurrencies like Ethereum also gained. Analysts cite strong ETF demand and a shift in macro narrative for sustainability.