$1.2B Wiped out: Bitcoin Squeeze Returns Strategy to Profit
Bitcoin surpassed $79,000, boosting market cap past $1.55 trillion and pushing the broader crypto market to $2.65 trillion amid growing fears over $40 trillion in U.S. national debt. Key TakeawaysBitcoin surpassed $79,000 on Friday as mounting U.S. debt fears over $40 trillion boosted alternative assets.Over $1.22 billion in short positions were wiped out across crypto markets, aiding Strategys profitability.Prediction market traders heavily favor bitcoin breaching $80,000 next, with 71% anticipating further gains. Short Sellers Squeezed as Liquidations Top $1B Bitcoin breached $79,000 Friday morning, pushing its dollar gains since Aug. 17 past $15,000. The cryptocurrency‘s relentless ascent comes as fears over the U.S. debt, which has surpassed $40 trillion, pose a serious threat to the country’s financial well-being. The worries have supercharged the appeal of alternative assets like bitcoin, whose limited supply mechanism validates the argument against a fiat currency system. Market data shows the cryptocurrency added more than $5,000 in a frantic surge that briefly wiped out unrealized losses for Strategy, the bitcoin-treasury company. As of 5 a.m. EST, bitcoin traded just below its session peak of more than $79,461. The rally, which extended to altcoins, momentarily saw bitcoin‘s market capitalization top $1.55 trillion while pushing the crypto economy’s aggregate market cap to









