Key facts
- Bitcoin reached an intraday high of $69,749, trading near $68,689, up 9.3% on the week.
- Over $1.14 billion in short positions were liquidated across crypto in the last hour.
- Bitcoin liquidations totaled $677.64 million, with Ethereum and Solana making up the majority of the remainder.
- A White House meeting with President Trump, regulators, and crypto executives is scheduled.
- The Federal Reserve's July meeting minutes are due Wednesday.
Bitcoin has surged nearly 10% this week, approaching the $70,000 mark and triggering a significant short squeeze. The cryptocurrency hit an intraday high of $69,749 on Wednesday, trading near $68,689, a substantial recovery from its weekly open of $62,832. This rally has led to the liquidation of over $1.14 billion in short positions across the crypto market in the past hour alone, with Bitcoin accounting for $677.64 million and Ethereum for $422.90 million.
The surge is occurring just hours before a key White House meeting where President Trump is expected to discuss crypto market structure with regulators like SEC Chair Paul Atkins and CFTC Chair Michael Selig, alongside executives from major crypto firms including Coinbase and Ripple. Additionally, the Federal Reserve's July meeting minutes are due, which could influence market sentiment regarding interest rates.
Spot Bitcoin ETFs have also seen renewed net inflows this week, contributing to the positive momentum. Anthony Scaramucci of Skybridge Capital suggested that the current market conditions, despite being labeled a bear market, show milder drawdowns than previous cycles, indicating potential underlying strength and positioning by net buyers.