Bitcoin surpassed $72,000 for the first time since June 1, driven by two key developments. First, the US Treasury announced it would at least double longer-term government bond buybacks to increase market liquidity. Second, President Donald Trump hosted crypto industry executives at the White House, reiterating his commitment to establish the US as a hub for the crypto industry. Trump cited his administration's efforts to end "Operation Chokepoint 2.0" and promoted initiatives like the GENIUS Act for stablecoin regulation, urging Congress to pass a "fair version" of the CLARITY Act. Following these announcements, Bitcoin was up 11% in 24 hours, Ethereum 19%, and XRP 19%, pushing the total crypto market capitalization up 10% to $2.52 trillion. Over $3 billion in crypto shorts and $305 million in longs were liquidated, with Bitcoin and Ether leading the short squeeze.