Bitcoin Surges Past Eight-Month High, Ethereum Follows Suit
Bitcoin has reached an eight-month high, climbing above $85,000 for the first time since January 30th after surging 2.5% in the last hour. This comes despite recent negative developments regarding the Clarity Act and the Federal Reserve.
The price increase is part of a broader trend, with international oil prices falling for four consecutive days, causing investors to seek out riskier assets like stocks and cryptocurrencies.
Ethereum has also seen significant gains, surging 6% in the last 24 hours to surpass $2,730, its first time above $2,700 since January. Other altcoins, such as XRP, Solana, and HyperLiquid (HYPE), have also gained ground.
The rapid price increase has led to a large-scale liquidation of short positions in the cryptocurrency market, with approximately $400 million worth of leveraged trades being liquidated in the last few hours. The total liquidation amount in the last 24 hours reached $750 million, affecting 136,931 investors.