According to CoinMeta, and as reported by an early issuer of in, Bitcoin approached $70,000, triggering a large-scale short liquidation. Within an hour, over $1 billion in short positions were liquidated. U.S. stock market crypto-related stocks saw a collective rise, with Strategy rising 12.68% to $104.25, Coinbase rising 9.05% to $159.47, Circle rising 9.56% to $78.59, and Bitmine rising 10.72% to $20.24. The U.S. Treasury Department announced that it would at least double the scale of its long-term government bond repurchase program starting in September, which pushed up risk assets overall. This round of gains led to pressure on shorts in the crypto derivatives market and forced U.S. stock investors who had gone short on Strategy and Coinbase to cover their positions.