Crypto sees strongest rally in months amid short squeeze

Bitcoin and Ether posted their strongest rally in months as Treasury intervention, regulatory moves and a historic short squeeze coincided in a 'squeeze-led' move that decimated bearish positions, according to CoinDesk's weekly recap. The same week saw banks and technology companies push deeper into stablecoins, including reports that Elon Musk's X wants to pay content creators in stablecoins.

• The rally broke a weeks-long slump and wrong-footed heavily positioned short sellers.
• The weekly roundup also flagged continued institutional and corporate adoption of stablecoins.