Key facts
- Bitcoin rose above $62,000, reaching $62,078.
- Ethereum and Solana saw gains of nearly 5%.
- XRP increased by over 3% to $1.09.
- Total crypto liquidations exceeded $602 million in the past 24 hours.
- Short liquidations accounted for $400 million of the total liquidations.
Major cryptocurrencies experienced a broad rally on Thursday, with Bitcoin, Ethereum, XRP, and other leading digital assets reaching weekly high prices. Bitcoin climbed above the $62,000 mark for the first time in over a week, rebounding to $62,078 after a recent dip below $58,000. At current prices, Bitcoin is up approximately 3% for the day and 4% over the past week.
Ethereum and Solana also showed significant gains, both rising nearly 5% on the day to trade at $1,701 and $81, respectively. Solana has been the top performer among the top 10 cryptocurrencies in the past week, with a gain exceeding 22%. XRP saw an increase of more than 3%, trading at $1.09.
This bullish movement occurred alongside a surge in cryptocurrency liquidations, which reached $602 million over the last 24 hours, according to CoinGlass data. Ethereum led liquidations with $187 million, closely followed by Bitcoin at $184 million. Short positions constituted the majority of these liquidations, totaling $400 million.
The rebound follows comments from Federal Reserve Chair Kevin Warsh on Wednesday, where he did not confirm or deny plans for future rate hikes. Interest rate traders currently anticipate nearly even odds of the Fed holding rates steady or increasing them at its September meeting, with a 64% probability of a rate hike by the October FOMC meeting, as indicated by CME's FedWatch tool.
Further market influence came from the U.S. Bureau of Labor Statistics' report on Thursday, which showed that employers added only 57,000 jobs in June, significantly below the expected 115,000 and down from May's revised figure of 129,000. Following this news, U.S. stock markets showed mixed performance, with the S&P 500 and Nasdaq declining while the Dow Jones Industrial Average remained positive.
Major crypto-related stocks also experienced gains, with MicroStrategy (MSTR) up nearly 7% to $100 per share, and Coinbase (COIN) rising 3.35% to $165. Circle (CRCL), the issuer of the USDC stablecoin, gained almost 5% to $65.