Bitcoin (CRYPTO: BTC) surged 6% to $68,000 on Wednesday, triggering the largest single-day short liquidation event in Bitcoin's history after the U.S. Treasury doubled its long-term bond buyback operations. What Actually Happened The Kobeissi Letter posted on X that traders liquidated $1.2 billion in Bitcoin short positions within just 60 minutes as BTC surged above $68,000.