Bitcoin surged past $75,000 early Tuesday, reaching a two-month high as bears who wagered against BTC and other leading cryptocurrencies faced substantial short liquidations. According to CoinGecko data, the cryptocurrency recently traded at $75,834, marking its peak since mid-February. Over the last 24 hours, Bitcoin’s value increased by 5.5%, resulting in a weekly gain of over 10%. Other significant cryptos are experiencing even larger gains; for instance, Ethereum rose nearly 8% to $2,384 within a day and more than 14% across the week. Additionally, HYPE from decentralized exchange Hyperliquid jumped 22% to $44, while Zcash (ZEC) saw a near 38% increase this week to $366.
Despite recent months of overall decline in crypto prices, Tuesday’s rally prompted over $600 million in liquidations, as reported by CoinGlass. A substantial portion of these—more than $488 million—stemmed from short positions. Specifically, Bitcoin accounted for $272 million in daily liquidations, with $262 million related to shorts. Ethereum followed closely behind at $140 million, including $121 million from shorts.
In tandem, major stock indices and crypto-related stocks like Circle (CRCL), which rose 11%, and Sharplink (SBET), up by 10%, have shown positive trends. The rally is attributed to a growing risk-on sentiment amid easing geopolitical tensions, highlighted by a tentative ceasefire in the U.S./Israel-Iran conflict. Additionally, favorable developments within the crypto space include strong weekly performance for crypto ETFs since January and significant Bitcoin purchases of $1 billion by Strategy using its STRC preferred shares. Meanwhile, BitMine Immersion Technologies made substantial weekly Ethereum buys, their largest since December.