Bitcoin · Ethereum · Federal Reserve (FED) · Kevin Warsh · Decrypt
Crypto Shorts Get Rekt as Bitcoin, Ethereum and XRP Rise to Weekly High Prices
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Major cryptocurrencies are broadly in the green Thursday with Bitcoin, Ethereum, XRP, and other top coins showing gains as crypto liquidations climb—with short positions making up most the carnage.
Key facts
- Major crypto stocks are showing gains on the day, with Strategy (MSTR) up nearly 7% to $100 per share—after falling to nearly $80 last week—while Coinbase (COIN) is up 3.35% to $165 and USDC
- Crypto liquidations have surged to $602 million over the last 24 hours, per data from CoinGlass, with Ethereum flipping Bitcoin to become the biggest contributor with $187 million in liquidations
- Bitcoin topped the $62,000 mark Thursday morning for the first time in more than a week, rebounding to $62,078 after falling to a 21-month low under $58,000 earlier in the week
- Other major cryptocurrencies are showing similar gains, with Ethereum and Solana both up nearly 5% on the day, hitting recent prices of $1,701 and $81 respectively
Summary
Bitcoin topped the $62,000 mark Thursday morning for the first time in more than a week, rebounding to $62,078 after falling to a 21-month low under $58,000 earlier in the week. Other major cryptocurrencies are showing similar gains, with Ethereum and Solana both up nearly 5% on the day, hitting recent prices of $1,701 and $81 respectively. Crypto liquidations have surged to $602 million over the last 24 hours, per data from CoinGlass, with Ethereum flipping Bitcoin to become the biggest contributor with $187 million in liquidations compared to $184 million for BTC. The bullish rebound comes following comments Wednesday from Federal Reserve Chair Kevin Warsh, who declined to say whether the agency planned rate hikes later this year.