The Solana community has launched an on-chain governance vote to adjust its inflation schedule. The proposal would double the current disinflation rate from -15% to -30%. The change is intended to accelerate disinflation and further reduce the annual increase in new token supply. The proposal will be implemented only if it passes the decentralized vote, which is now live.

Crypto markets saw large-scale liquidations of long positions totaling $477M over the past hour. After a near +30% rally over five trading days that lifted Bitcoin to $79,500, the price reversed sharply and retreated to around $77,000. The pullback drove total crypto liquidations to $547M, with Bitcoin-linked contracts accounting for the bulk. Bitcoin had been at its most overbought level since November 2024 before the reversal.

BTC rose 6.60% to USD 74,492 as USD 59.46B in turnover met USD 402.66M of BTC short liquidations and a broad market rebound.

Bitcoin surged quickly past the $72,000 level. The move was driven mainly by a U.S. Treasury bond plan that improved expectations for market liquidity and lifted demand for risk assets. A wave of short covering followed, creating a short squeeze that amplified bitcoin’s near-term gains.

Major cryptocurrencies rose sharply after the U.S. Federal Reserve intervened on Wednesday. XRP surged 20% in less than two days, marking a strong breakout. Bitcoin gained 12% over the same period and extended the move into Thursday, with a major breakout on the 4-hour chart. Bitcoin is now facing resistance at $65,600 and needs to clear $73,750 next.

BTC rose 7.70% to USD 69,003 as a USD 1.33B short squeeze and Treasury buyback reports lifted risk appetite.

On August 20, crypto markets jumped sharply, led by Bitcoin rising above $69,000 for the first time since June. Bitcoin gained nearly 8% in 24 hours and briefly neared $70,000. Ethereum surged 18% to above $2,250, while XRP and Solana each rose more than 10%. Total crypto market capitalization climbed 7.8% over 24 hours to $2.45 trillion, according to CoinGecko data.

The US Treasury said it will double the per-operation cap of its long-term bond buyback program from $2 billion to at least $4 billion, targeting 10- to 20-year and 20- to 30-year Treasuries from September 9 through November 4. After the announcement, the 10-year yield fell 6 bps to 4.647% and the 30-year yield slid 9 bps to 5.196%. Bitcoin then surged from around $65,400 to $69,700, gaining more than $2,000 in a single minute intraday. Crypto derivatives also swung sharply, with total liquidations reaching $1.59 billion over 24 hours, including $746 million in Bitcoin short liquidations.