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Bitcoin rallies above $68,000, triggering $1.4 billion short liquidations
Ether rose 8.4% to about $2,084, and CoinGlass data showed roughly $1.4 billion of shorts were liquidated in the last four hours amid the move.
Bitcoin surged nearly 6% to trade above $68,000 on Wednesday, after the U.S. Treasury doubled the size of its bond buyback operations, a shift investors viewed as supportive for liquidity in the Treasury market. According to CoinDesk, the market move helped drive a broader risk-on bid across crypto assets. Ether outperformed bitcoin, rising about 8.4% to roughly $2,084. Solana also gained, up about 7% to around $82, while ETH open interest briefly jumped to about $13 billion before easing back toward $12.5 billion, CoinDesk reported. The rally coincided with heavy positioning changes, with CoinGlass data cited by CoinDesk indicating about $1.4 billion in short positions were liquidated in the last four hours as traders moved to close bearish exposure. Crypto-linked equities climbed as well, led by Bullish (BLSH), up nearly 13%, and followed by Coinbase (COIN), up 11%, CoinDesk said, noting the move came as President Donald Trump was scheduled to meet with crypto and financial-market executives and regulators including SEC Chair Paul Atkins and CFTC Chair Mike Selig. Separately, gold rose 2.7% to $4,528 an ounce, CoinDesk reported.
Latest closeGold $4,157.80 ▲0.4%|Bitcoin $81,906.63 ▼1.4%|Solana $104.78 ▼1.8%