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Crypto assets post their strongest gains in months as a wave of short liquidations, firmer policy momentum in Washington and expanding stablecoin use lift sentiment across the sector. Bitcoin rises above $70,000 while ether outperforms major tokens, highlighting how the rebound is improving conditions for traders, corporate holders and payment-related businesses.
Highlights
- Over $4 billion in crypto short positions were liquidated during the rally, propelling bitcoin above $70,000 and boosting overall market momentum.
- Ether outperformed major cryptocurrencies with a near 19% 24-hour jump and 18% weekly gain, compared to bitcoin’s 8.8% weekly rise.
- Regulatory progress in Washington, expansion of stablecoin use by banks and tech companies, and Coldcard’s $114 million breach response contributed to positive sentiment.
Market surge driven by short covering
As more than $4 billion in crypto short positions are liquidated during the latest rally, helping push bitcoin above $70,000 and intensifying momentum across digital assets
Ether leads the advance among major cryptocurrencies, rising nearly 19% over 24 hours at one point on Wednesday and posting a weekly gain of about 18%, compared with roughly 8.8% for bitcoin over the past seven days. The move follows a long period of subdued trading activity, with liquidations accelerating as higher prices trigger further buying.
Bitfinex analysts say squeeze-led rallies often raise questions about durability because forced liquidations do much of the lifting. They add that ETF demand, a macroeconomic shift and the lack of heavy selling give this rally a potentially longer runway, even if smaller pullbacks occur along the way.
Washington policy moves and stablecoin expansion
Regulatory developments in Washington add to the week’s momentum as policymakers advance several cryptocurrency initiatives and regulators prepare digital asset and stablecoin rules, even if Congress does not pass the Clarity Act.
At the same time, stablecoins gain traction in mainstream payments as banks and technology companies move deeper into the segment. Rising crypto prices also strengthen corporate treasury positions, while hardware wallet provider Coldcard releases new firmware after a security breach that costs users $114 million.
Our earlier coverage of the Clarity Act push looked at how a White House meeting with major crypto executives reignited optimism that U.S. market-structure legislation could move forward later this year. We noted that the policy tailwind coincided with bitcoin’s sharp weekly rally and helped lift crypto-linked stocks as risk appetite improved and short covering accelerated.
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