Bitcoin surged above $82,000 for the first time since May 11, up 4.0% to $81,209.47, as $510 million in shorts were liquidated within 24 hours. Ethereum climbed 4.2% to $2,518.82, XRP gained 5.7% to $1.45, and BNB rose 4.3% to $727.73. The rally is part of a broader market surge that added over $1.45 trillion across global markets today. The Nasdaq rose 1.43%, the S&P 500 gained 1.05%, and the Dow climbed 1.20%, while gold and silver jumped 2.25% and 2.53% respectively. Falling Treasury yields and dropping rate-hike expectations are fueling the risk-on move. Three factors are driving crypto specifically: the US Treasury’s plan to double long-end bond buybacks, boosting market liquidity; a wave of short liquidations forcing sudden buying pressure; and continued institutional accumulation, including large corporate Bitcoin purchases from firms like MicroStrategy.
Was this writing helpful?
Trust with CoinPedia:
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.