Bitcoin Shorts Get Rekt as BTC Jumps Above $75K, Hitting 2-Month Price High
Bitcoin continued to rise early Tuesday, topping a price of $75,000 and hitting its highest level since early February. The leading crypto asset was recently trading at $75,834, per data from CoinGecko, rising above the $75,000 mark for the first time since February 5.
Bitcoin is up 5.5% over the last day, putting up a more than 10% rise over the past week as other major coins post even more significant gains. Ethereum, for example, is up nearly 8% in the last 24 hours to a recent price of $2,384, rising more than 16% over the past seven days.
Hyperliquid is up 22% this week to a recent price of $44, while privacy coin Zcash (ZEC) is resuming its massive rise from last fall, up nearly 38% this week to $366.
Crypto prices have been broadly down in the dumps in recent months, but Tuesday's surge has led to more than $570 million worth of liquidations across the market in the last 24 hours, according to data from CoinGlass—with the majority of those coming from short positions, or bets that an asset's price will go down.
Of that tally, over $488 million are shorts. Bitcoin liquidations tally $272 million in the last day, including $251 million in short positions.
Major stock indices are also green early Tuesday, with crypto stocks like stablecoin issuer Circle and exchange Coinbase both up 4% in pre-market trading.
What's driving the surge? Risk-on sentiment is growing as geopolitical chaos cools, thanks to a tentative ceasefire in the Middle East and cooling inflation data in the U.S. and Europe.
Crypto ETFs just had their best week since January, while top Bitcoin treasury firm Strategy bought $1 billion in Bitcoin on the back of its popular STRC preferred shares, and top Ethereum treasury BitMine Immersion Tech made its largest weekly ETH buy since December.
