Bitcoin Surges Above $69k as Crypto Markets Post Strong Weekly Gains

Crypto markets surged in the last 24 hours with Bitcoin climbing above $69,100 and Ether gaining 18% to more than $2,250.

The broad-based rally gathered momentum as major cryptocurrencies posted strong weekly gains. Bitcoin rose nearly 8% over 24 hours, rebounding from a low of about $64,100 on Wednesday.

Ether outperformed, rising about 18% in 24 hours and extending its weekly gain to roughly 20%, making it the strongest performer among major cryptocurrencies.

The rally was fueled by a sharp unwinding of bearish bets, with nearly $1.4 billion of short positions liquidated as prices moved higher.