Crypto markets turned green today as Bitcoin surged past $68,000 and briefly traded near $69,500, rising about 5% in 50 minutes. The move added roughly $60 billion to Bitcoin’s market capitalization, while Ethereum broke above $2,000 and climbed nearly 6%, adding more than $20 billion in value. XRP joined the advance, trading around $1.41, and the broader market added close to $100 billion in under an hour, triggering nearly $80 million in short liquidations. One of the main drivers appears to be fresh macroeconomic data, with the U.S. ISM Manufacturing PMI coming in at 52.4, beating expectations of 51.8.
For markets, that matters, as an expanding economy reduces immediate recession fears and often encourages investors to rotate back into risk assets. Crypto, which has shown a strong correlation with equities in recent months, reacted quickly to the upside surprise as risk sentiment improved and short sellers were forced to cover. Roughly $80 million in short positions were liquidated within 45 minutes, with total liquidations approaching $128 million over 24 hours. When short positions close, they effectively become market buy orders, pushing prices higher and creating a bullish feedback loop.
Bitcoin’s rally coincided with a rotation away from safe-haven assets, as gold fell more than 2%, erasing an estimated $750 billion in market value, while silver dropped nearly 7%, wiping out about $370 billion. Beyond liquidations, institutional participation persisted, with a disclosed $200 million Bitcoin purchase signaling long-term conviction from corporate buyers. The total crypto market capitalization climbed back toward $2.37 trillion, up more than 2% on the day, even as sentiment indicators remained in Extreme Fear territory ahead of the Federal Reserve meeting on March 18, where a dovish tone could extend momentum and a hawkish stance may cool risk appetite again.
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