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Bitcoin tops $70,000 as short positions in crypto get liquidated

Ethereum climbed nearly 19% in 24 hours at one point on Wednesday, after more than $4 billion in crypto short positions were liquidated, lifting ETH about 18% for the week.

Reported · Written up by our desk · Market Structure

Bitcoin surged above $70,000 for the first time since June, helped by a wave of short liquidations that totaled more than $4 billion across the market, according to CoinDesk data. Ether also outperformed, with a weekly gain of about 18%, as the rally triggered fast-moving liquidations and momentum that left some traders wary.

CoinDesk reports that ether rose nearly 19% over 24 hours at one point on Wednesday, compared with roughly 5% to 6% for bitcoin, as the sharp move forced a cascade of short positions out of their trades. The outlet notes that while the rally sparked renewed optimism, squeeze-driven rallies can raise questions about how long gains can last because liquidations do much of the lifting.

The same week also featured multiple regulatory and payments developments. CoinDesk says Washington advanced several cryptocurrency initiatives as regulators prepared rules for digital assets and stablecoins, even though Congress was not expected to pass the Clarity Act.

CoinDesk also highlighted stablecoin momentum in mainstream payments and deeper stablecoin usage by traditional firms, along with Coldcard issuing new firmware after a security breach that cost users $114 million.

Latest closeBitcoin $77,148.72 ▼1.5%

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