Bitcoin Blasts Past $70,000 as Crypto Market Surges on CLARITY Act Optimism

The cryptocurrency market is experiencing significant growth, with Bitcoin reaching its highest level since early June at nearly $70,000. Ethereum, XRP, and Dogecoin have also surged to multi-month highs.

According to Coinglass data, nearly $3 billion was liquidated from the cryptocurrency market in the last 24 hours, with $2.74 billion in bearish short positions wiped out. This is the largest single-day short liquidation event in Bitcoin's history.

CryptoQuant noted that Bitcoin's spot and futures demand have both returned to positive territory for the first time in months. On-chain analytics firm CryptoQuant also stated that 'leverage can move price, it cannot hold it.'