Crypto Market Sees Massive Surge as Bitcoin Hits New High

The cryptocurrency market has experienced a surge in prices over the past 24 hours, despite weak sentiment on Wall Street and rising bond yields. Bitcoin led the charge, reaching a 24-hour high of $80,483 as its aggregate market capitalization increased by nearly 5 percent.

The rally is attributed to a massive short squeeze, which saw the liquidation of short positions amounting to $445 million, significantly higher than the $55 million in long position liquidations. This has led to an overall increase in crypto market capitalization to $2.74 trillion.

Bitcoin's price surge also had a positive impact on other major cryptocurrencies, with Ethereum increasing by 4.5 percent to $2,564.11 and BNB rising by 4.4 percent to $757.01.