Bitcoin approaches $70,000 driving crypto-related stocks higher, Strategy surges over 12%

According to Odaily, as Bitcoin approaches $70,000 amid a massive short squeeze, U.S. crypto-related stocks are rallying across the board. Strategy (MSTR) rose 12.68% to $104.25, Coinbase (COIN) gained 9.05% to $159.47, Circle (CRCL) climbed 9.56% to $78.59, and BitMine (BMNR) advanced 10.72% to $20.24.

During the same period, the Bitcoin short squeeze led to the liquidation of over $1 billion in short positions within an hour. Additionally, the U.S. Treasury announced it will at least double the scale of its long-term Treasury buyback program starting in September, pushing risk assets higher overall. Strategy and Coinbase are particularly noteworthy, as both are heavily shorted large-cap stocks on Wall Street, with Coinbase currently ranking as the fifth most-shorted stock in the financial sector. As such, this rally not only squeezed shorts in the crypto derivatives market but may also force U.S. equity investors shorting MSTR and COIN to cover their positions. (Decrypt)