Bitcoin Surge Wipes Out Record $2.7 Billion in Crypto Shorts
Bitcoin's price surge on Wednesday saw a record US$2.7 billion in crypto shorts wiped out, with over US$1 billion of bitcoin short positions liquidated in just an hour.
The sudden reversal pushed Bitcoin's price to around US$69,500, its highest since early June and biggest gain since March.
According to Axel Rudolph, chief technical analyst at IG, the move towards US$70,000 suggests buyers are regaining confidence, although the rally now faces a crucial test of whether it can sustain momentum and challenge the US$75,000 region.
The upswing came as US President Donald Trump met with crypto executives from firms including Coinbase Global Inc, Payward Inc, and Blockchain.com Group Holdings Inc at the White House, adding to optimism around an administration that has sought to promote a more industry-friendly regulatory framework for digital assets.