Bitcoin jumped past $80,000 on Friday after a spike in oil-driven US bond yields triggered a short squeeze across crypto markets. Solana and Hyperliquid led gains, up roughly 10%, while US regulators pressed ahead with crypto rulemaking after the Clarity Act stalled in the Senate.
Bitcoin reclaimed the $80,000 level Friday morning, jumping more than 5%, after weeks spent consolidating near $75,000 to $78,000. The move accelerated as US 30-year bond yields climbed back to 5.34%, up 90 basis points, on renewed concern over Middle East oil supply. WTI crude fell to lows of $94.8 a barrel before climbing back toward $98, as the International Energy Agency warned that constrained Gulf exports and depleting inventories may force further demand cuts.
Short squeeze accelerates the rally
The yield reversal set off a rush to cover bearish crypto bets. Cross-crypto short liquidations totaled near $250 million over four hours, according to CoinGlass. BTC/USD touched local highs of $81,034 on Bitstamp. By Friday's session, Bitcoin traded at $80,846, up 5.88% over 24 hours, with more than $230 million in Bitcoin shorts liquidated and over $445 million wiped out across the broader crypto market.
Analyst Rekt Capital pointed to $82,000 as the level BTC/USD must clear to avoid repeating the double-rejection pattern that ended May's rebound. Bitcoin's Average Directional Index sits at 40.6, well above the 25 threshold traders use to confirm a trend, and the 50-day exponential moving average has crossed above the 200-day average in a golden cross.
Solana and Hyperliquid lead altcoin gains
Among the top ten cryptocurrencies by market value, Solana and Hyperliquid led the way, jumping about 10%. Hyperliquid hit a new all-time high above $90, trading around $91.60 after launching manual borrowing that lets users post HYPE and Bitcoin as collateral for stablecoin loans.
Regulators press ahead without Congress
The rally coincided with the CFTC filing its crypto asset rulemaking with the White House for review, a day after the SEC released an exemption meant to let tokenized stocks trade onchain. A House panel this week also voted to advance a bill that would direct the Treasury Department to maintain a Bitcoin storage facility.
Pantera Capital founder Dan Morehead said the SEC and CFTC are moving without lawmakers: "The industry doesn't need Congress."
Sources: The Block, Cointelegraph.com News, Decrypt
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