Key facts
- Bitcoin reached an intraday high of $79,320.
- Approximately $1.21 billion in short positions were liquidated.
- Total crypto liquidations exceeded $1.5 billion in 24 hours.
- President Donald Trump expressed support for the Clarity Act and regulatory efforts regarding Hyperliquid.
Bitcoin experienced a significant price surge, climbing 7.9% in 24 hours to approximately $77,137 and marking a 23.2% gain over the week. This rally reached an intraday high of $79,320, punishing traders who had bet against its rise. The upward momentum triggered a substantial short squeeze, with data from CoinGlass indicating roughly $1.21 billion in bearish positions were liquidated across the crypto market in the past 24 hours, contributing to a total of about $1.5 billion in liquidations affecting 178,777 traders.
The price action followed a period of positive sentiment stemming from Washington. President Donald Trump reportedly backed the crypto market-structure Clarity Act and suggested that regulators are working to bring the perpetual-futures exchange Hyperliquid onshore. These remarks contributed to a more favorable market sentiment.
Bitcoin's advance was not isolated, as other major cryptocurrencies like Ethereum and Solana also saw gains. The cryptocurrency's market capitalization approached $1.55 trillion, with a 24-hour trading volume exceeding $69 billion.