Bitcoin Surges to $75,000 as Short Sellers Take Another Hit
Bitcoin's price surged to nearly $75,000 in Asian morning hours on Friday, marking an almost 8% increase from the day before and a nearly 18% rise over the week. The cryptocurrency touched just above $75,500 overnight, up from its recent low of around $64,100 two days ago.
Short sellers took another hit as roughly $1 billion in short positions were liquidated within 24 hours, bringing the total to more than $4 billion over two days. This follows the record-breaking $3 billion in shorts wiped out on Thursday.
The largest individual position closed was a $25.13 million Bitcoin trade on Hyperliquid. Liquidation occurs when traders borrow funds to bet against the market, and the exchange closes their position before losses exceed their initial deposit.
Hyperliquid's HYPE rose over 4% to nearly $73, leading major assets in gains for the week at almost 27%. Ether added almost 5% to $2,350 and is up 24.5% over seven days. Solana also saw significant gains, rising over 5% to just under $90.
The rally began on Wednesday when the Treasury doubled its long-end bond buybacks from $2 billion to $4 billion per operation, easing market conditions and boosting appetite for risk. President Donald Trump also voiced support for the Digital Asset Market Clarity Act at a White House event on Wednesday, flanked by executives from various crypto companies.