Crypto Market Surges on Trump Meeting, Records $2.7 Billion in Short Liquidations

The crypto market surged back to life on Wednesday, sending Bitcoin up nearly 8% and triggering a record $2.7 billion in short liquidations.

According to Coinglass data, over $1 billion of Bitcoin short positions were liquidated in about an hour, underscoring the speed of the reversal that pushed the largest cryptocurrency to around $69,500.

The upswing came as President Donald Trump met with crypto executives from firms including Coinbase Global Inc., Payward Inc., and Blockchain.com Group Holdings Inc. at the White House, adding to optimism around an administration that has sought to promote a more industry-friendly regulatory framework for digital assets.