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The Economic Times

Business

The Real Story Behind Bitcoin's Sudden Rally

Bitcoin United States Crypto the US Treasury ETF Gold short squeeze

Everyone is calling this a Bitcoin rally. But Bitcoin was just the loudest asset in a much bigger move that started in the bond market.

A technical decision by the US Treasury pushed long-term yields lower, lifting Bitcoin, gold, silver and US equities together, in the same window. Bitcoin then added its own push as a record short squeeze that wiped out more than $1.1 billion in short positions in a single day.

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