Cryptocurrencies Surge Across the Board as Bitcoin Tops $75,000, Ethereum Reaches $2,300
AI Podcast
The cryptocurrency market surged over 6%, pushing total market capitalization above $2.5 trillion to a three-month high. Bitcoin surpassed $75,000, and Ethereum climbed above $2,300, triggering over $1.1 billion in short liquidations within 24 hours. The broad-based rally was driven by the U.S. Treasury's bond buyback plans, declining Treasury yields, and a weakening U.S. Dollar Index, which eased monetary tightness concerns and boosted risk asset appeal. The Fear & Greed Index rose to 69, reflecting mounting "Greed" and FOMO sentiment while elevating near-term pullback risks.
TradingKey - Short sellers face another brutal bloodbath as Bitcoin surges past $75,000 and Ethereum climbs above $2,300.
During the Asian trading session on August 21, the cryptocurrency market extended its strong rebound, surging over 6% today as total market capitalization climbed above $2.5 trillion, hitting a three-month high. Among them, Bitcoin (BTC) jumped over 8%, breaking through the $75,000 level; Ethereum (ETH) rose over 4%, climbing above $2,300; Binance Coin (BNB) gained nearly 6%, crossing $650; and XRP (XRP) surged 18%, breaching $1.3.
Price performance of the top 10 cryptocurrencies by market cap, Source: CoinMarketCap
Cryptocurrencies surged across the board once again, dealing another heavy blow to short sellers. Over the past 24 hours, total liquidations across the network exceeded $1.2 billion, with short liquidations accounting for nearly $1.1 billion, or 92%; BTC and ETH remained the main liquidated coins. Yesterday, short sellers had already been liquidated for over $2.7 billion.
On August 19, the U.S. Treasury Department announced a bond buyback plan of at least $4 billion alongside a pullback in U.S. Treasury yields, easing market concerns over a tight monetary environment. A weakening U.S. Dollar Index further enhanced the appeal of risk assets and digital assets, fueling a broad-based rally in cryptocurrencies.
Yesterday, U.S. Treasury Secretary Bessent stated that "the upper limit for a single Treasury buyback operation could exceed the $4 billion we previously announced," driving the crypto market sentiment index further up to 69 into "Greed" territory as market FOMO sentiment continued to warm up. However, the Fear & Greed Index has not yet reached 80, indicating that market sentiment has not reached extreme greed, though the risk of a pullback is also rising.
This content was translated using AI and reviewed for clarity. It is for informational purposes only.
Recommended Articles
Comments (0)
Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.