Bitcoin Price Explodes to $70K, Wiping Out Billions in Shorts

Bitcoin is trading close to $70,000, jumping by 8% on the day, running to a price level it hadn’t touched since early June. Wednesday’s storm was anything but quiet, and the mechanics behind it explain why a handful of early-stage projects are suddenly getting a second look from traders who missed the squeeze. Bitcoin surged, triggering the biggest wave of short liquidations on record dating back to 2021. CoinGlass data cited in the report shows more than $1 billion in bitcoin shorts wiped out in just an hour, part of a record $2.7 billion in bearish crypto bets erased across the market. 🔥MASSIVE: Crypto just recorded the SECOND-LARGEST short liquidation wipeout on record, surpassed only by the October 10 crash. October 10, 2025: $2.46 BILLIONAugust 19, 2026: $1.74 BILLION pic.twitter.com/VugkRU6sLv — Coin Bureau (@coinbureau) August 19, 2026 The rally coincided with a White House meeting between President Trump and crypto executives from Coinbase, Payward, and Blockchain.com, alongside an SEC proposal this week to exempt certain digital-asset offerings from securities registration. Axel Rudolph, chief technical analyst at IG, called it a short-covering-driven move toward $70,000 t...