Bitcoin Surges Past $71K, Triggers $3B Liquidation Wave
The cryptocurrency market saw a significant surge in prices, with Bitcoin (BTC) blasting past $71K and triggering a $3B liquidation wave. Ethereum, XRP, and Solana outperformed Bitcoin, with Ethereum rising nearly 20% in the last 24 hours to hit $2,200, a two-month high. Bitcoin's price rose nearly 11% in the last 24 hours to over $71,600, its highest level since May 31.
The rally also lifted shares of Strategy (MSTR) and Bitmine Immersion Technologies (BMNR), which rose around 9% in pre-market trade, on track to hit multi-month highs. Coinbase (COIN) and Circle (CRCL) each rose about 6% in pre-market trading, extending the gains across crypto-linked equities.
About $3.3 billion in crypto liquidations were recorded, with short positions totaling $3 billion. Ethereum and Bitcoin bets accounted for the lion's share, at $1.73 billion and $1.15 billion respectively. This is the largest liquidation event of 2026 and the third-largest crypto liquidation event over the past year.