On Friday morning, Bitcoin broke through the $79,000 mark, resulting in a gain of over $15,000 in dollar terms since August 17. The cryptocurrency's steady rise comes amid concerns over the U.S. national debt, which has exceeded $40 trillion and poses a serious threat to the country's financial well-being. These concerns have significantly increased the appeal of alternative assets like Bitcoin, whose limited supply mechanism reinforces arguments against the fiat currency system.
Market data shows the cryptocurrency added over $5,000 during a sharp surge that briefly offset the unrealized losses of Strategy, a Bitcoin management company. As of 5:00 AM Eastern Standard Time (EST), Bitcoin was trading just below the session high of over $79,461. In a rally that spread to altcoins, Bitcoin's market capitalization momentarily exceeded $1.55 trillion, and the total market capitalization of the cryptocurrency economy grew to $2.65 trillion.
For the third consecutive day, Bitcoin's parabolic rise has been particularly brutal for short sellers. Data from Coinglass shows that approximately $154 million worth of short positions were liquidated in one hour and $295 million over four hours. These liquidated positions pushed the 24-hour Bitcoin short liquidation volume to $764 million. For the third day in a row, the total liquidation volume across the crypto market exceeded $1 billion, with short liquidations alone accounting for over $1.22 billion.
While the price surge has emboldened many crypto enthusiasts, Strategy's Executive Chairman Michael Saylor likely felt the greatest relief: Bitcoin breaking above the $75,000 mark meant his company's $BTC holdings became profitable again for the first time in nearly three months. According to the latest report filed with the SEC, the company owned 840,447 $BTC, acquired for $63.36 billion at an average price of $75,385 per Bitcoin.
In his latest video on X, Saylor stated that Bitcoin will rise forever, adding: "But 98% of people are ready to accept this reality." Saylor noted that his company has created a "digital credit and pays dividends so people can benefit from Bitcoin."
Additionally, subsequent remarks by U.S. Treasury Secretary Scott Bessent about bond buybacks became a focal point of discussion, which economist and government critic Peter Schiff argued was tantamount to pressing the "panic button." Schiff, who claims the U.S. economy is in worse shape than when former President Joe Biden left office, warned that Bessent's statements may have worsened the situation.
"Now that the Trump administration has panicked and announced a Treasury rescue operation, investors who weren't yet aware there was a problem will understand the situation and start selling. If Bessent previously thought we had a bond market problem, his alarm signal has significantly worsened that problem," Schiff wrote on X.
Nevertheless, opposing Bessent's intervention, Schiff insisted he would not buy Bitcoin as he already holds gold and silver.
Meanwhile, on prediction markets, 71% of users expect Bitcoin to surpass the $80,000 mark, while only 23% predict it will fall back to $70,000. Such market sentiment is reflected in the Crypto Fear & Greed Index, which reached a score of 72 on Friday morning.
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