Bitcoin, Ethereum, XRP surge on Treasury buybacks and short squeeze

Bitcoin rose above $71,000 on Thursday as easier financing conditions, pro-crypto signals from Washington, and a record short squeeze boosted digital assets. Ethereum gained about 18% to over $2,250, while XRP rose roughly 10%. The rally began after the U.S. Treasury Department expanded buybacks of long-term government bonds, pushing down yields and weakening the dollar. Nearly $3 billion in crypto positions were liquidated over 24 hours, with shorts accounting for about 92% of the total. Spot Bitcoin ETFs attracted $517 million in inflows on Wednesday. Analysts say the move reflects improved macro liquidity and renewed institutional positioning rather than retail speculation. Key levels to watch are Bitcoin holding above $70,000 and Ethereum defending $2,200.