24 min ago3 min readThe Dollar Index has weakened to levels not seen since May. (TradingView)SummaryThis is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.Bitcoin’s BTC$72,022.02 rally on Wednesday extended into Thursday, climbing above $72,000 to the highest since June 1.While the advance was triggered by relief in the bond market following White House support signals for U.S. Treasuries, longer-term gains are likely to be underpinned by the Fed, said Pedro Fontes, a research analyst at crypto exchange Mercado Bitcoin.“This is precisely the kind of environment that strengthens the case for Bitcoin,” he wrote in a note. “If the world's largest debt market needs support in order to function with greater stability, demand grows for assets that are scarce, predictable, and outside the logic of public debt expansion.”The Dollar Index, a measure of the U.S. currency against a pool of trading partners, slid 0.88% yesterday to 98.77, the lowest since May.Matt Cole, founder and CEO of Strive, said on X that he has long believed the index is in a “structural decline that is likely to continue.” That, he said, could translate into a bullish environment for bitcoin.Today’s trading session will focus not only on further signals from the White House, but also on geopolitical developments that could further affect yields and influence intervention. Initial jobless claims data could help provide guidance.The market’s move in the last 24 hours led to more than $3.3 billion in liquidations, according to CoinGlass. $3 billion of that were shorts, leaving fewer positions now exposed to forced buying to carry crypto higher. Still, BTC’s margin-borrow rate has risen to 4.6% from 3.9% before the rally, suggesting traders are reentering short positions. Stay alert!Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead."What’s trendingElon Musk's X is exploring stablecoins to pay influencers and content providers (CoinDesk): The social media platform is in talks to explore how stablecoins such as USDC might be used to pay royalties to influential users for uploading content, according to a person familiar with the plans.Bearish crypto bets lose record $3 billion as bitcoin tops $71,000 (CoinDesk): Short sellers lost nearly $2.7 billion in 24 hours as bitcoin surged above $71,000, the largest wave of forced short closures in records going back to 2021.Dollar falls to three-month low as Treasury moves to soothe bond jitters (Reuters): The U.S. dollar was pinned near a three-month low after ‌the Treasury Department moved to calm a bond market selloff that had pushed long-end yields to their highest since 2007. Oil prices rise as Trump sharpens Iran rhetoric amid talks impasse (CNBC): Oil rose after President Donald Trump vowed “economic warfare” on Iran and financial penalties for its supporters. Brent crude futures rose 1.59% to $93.08. West Texas Intermediate futures, 1.63% to $87.23 .Today’s signalFollowing yesterday’s surge in bitcoin price, the largest cryptocurrency’s weekly chart is pressing above core resistance at $68,000, a level it has recently failed to penetrate, following a 14% advance. With something over a day to go, a confirmed weekly candle close above that level opens the clear path for a retest of the next resistance zone at $78,000.Related Assets12345678910Building the Zcash Machine: Tachyon and Quantum ReadinessBuilding the Zcash Machine: Tachyon and Quantum ReadinessZcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.Jun 30, 2026Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.Why it matters:Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.View Full Report