Traders betting against the prices of major cryptocurrencies faced significant liquidations as the market moved higher. Bitcoin, Ethereum, and Solana all posted substantial gains, reversing recent downward trends. Bitcoin’s price recovered to approach $69,000, a level not seen for over a week, after trading below $63,000 the previous day. Despite a daily increase exceeding 7%, the asset’s value has declined more than 21% in the past month.
Among the largest cryptocurrencies by market capitalization, Ethereum and Solana registered the most significant advances, rising 12% and nearly 14% respectively. The overall digital asset market increased approximately 6.6% in a 24-hour period. Several other cryptocurrencies, including Polkadot, Filecoin, Uniswap, Aptos, Avalanche, and Chainlink, also experienced double-digit percentage gains during that time. Data indicates more than $400 million in short positions were liquidated within 24 hours, accounting for most of the total liquidations which amounted to $463 million.
Bitcoin short liquidations led at roughly $200 million, followed by Ethereum at $153 million and Solana at approximately $22 million. Publicly traded companies connected to the cryptocurrency sector also saw their share prices climb. Circle, the issuer of a stablecoin, rose 29% following an earnings report. Other notable gainers included Figure, BitMine Immersion Technologies, Coinbase, Strategy, and MARA Holdings, with increases ranging from 7% to 15%.
On a prediction market platform, users currently assign a 43% probability that Bitcoin’s price will next reach $84,000 instead of falling to $55,000. This sentiment has improved about 14% in the past day.
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