Bitcoin Approaches $72,000 Mark Amid Sharp Altcoin Rally and $3 Billion in Short Seller Losses
Bitcoin surged towards $72,000 on Thursday, maintaining upward momentum fueled by a rally following statements from the U.S. Treasury Department and favorable comments from former President Donald Trump. Trump, speaking at a White House meeting with crypto industry leaders, emphasized U.S. leadership in crypto and AI. Bitcoin's session high reached $71,992, marking a 24-hour gain of over 11% and boosting its market cap to $1.44 trillion.
Altcoins joined the rally, with Ethereum leading, up 19% to nearly $2,320. Other major tokens like XRP, SOL, DOGE, and Zcash also saw double-digit gains. The market surge triggered massive liquidations of leveraged short positions, totaling over $3.35 billion, with shorts accounting for $3.07 billion. Bitcoin shorts alone approached $1.7 billion.
The White House event spurred controversy after Trump mentioned specific protocols, notably implying efforts to relocate the Hyperliquid decentralized exchange to the U.S., causing its HYPE token to rally near $74. Chainlink's LINK token also rose approximately 9% after its co-founder's remarks, despite criticism of the price movement. Industry leaders at the meeting urged Congress to pass the stalled CLARITY Act for regulatory certainty.
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