Elon Musk · Bitcoin · U.S. Treasury · US Congress · CoinDesk
Bitcoin and Ether bears get decimated amid 'squeeze-led' rally and Musk's X wants to pay creators in stablecoins
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
★ Tier-1 Source
Bitcoin went ballistic this week (finally).
Key facts
- At one point on Wednesday, when the market started moving sharply, ETH rose nearly 19% over 24 hours, versus roughly 5%-6% for bitcoin
- ETH became the biggest gainer among the top five cryptocurrencies, rising nearly 19% over 24 hours at one point on Wednesday
- Analysts split on whether bitcoin’s breakout marked a new bull run, while BTC traders turned their attention to whether the market could test $80,000
- Visa began looking for a new stablecoin settlement partner after Mastercard acquired BVNK for $1.8 billion
Summary
Bitcoin topped $70,000 as more than $4 billion in crypto short positions were liquidated, while ether outpaced major tokens with a weekly gain of about 18%. Washington advanced several cryptocurrency initiatives as regulators prepared rules for digital assets and stablecoins, even if Congress fails to pass the Clarity Act. Stablecoins gained traction in mainstream payments, rising crypto prices bolstered corporate treasuries, and Coldcard issued new firmware after a security breach that cost users $114 million. While more than $4 billion in short positions were liquidated, the bigger story is the pain the rally brought for the ether bears. Ethereum's token saw the sharpest rally among the major cryptocurrencies.