Leading cryptocurrencies staged a strong relief rally on Wednesday, while the stock market also closed higher even as the Middle East war entered its fifth day.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 8:30 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +6.21% | $72,819.64 |
| Ethereum (CRYPTO: ETH) |
+6.77% | $2,123.37 |
| XRP (CRYPTO: XRP) | +4.37% | $1.42 |
| Solana (CRYPTO: SOL) | +3.45% | $90.36 |
| Dogecoin (CRYPTO: DOGE) | +8.29% | $0.09757 |
Crypto Spike Wipes Millions In Shorts
Bitcoin rebounded to $74,000 for the first time in a month, with trading volume surging 52% over the last 24 hours.
Ethereum teased $2,200 fueled by similar buying pressure, while XRP and Solana also rallied.
Shares of cryptocurrency-related companies also rebounded, as Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN), closed up 10.37% and 14.57%, respectively.
Nearly $600 million was liquidated from the market in the last 24 hours, according to Coinglass, with $477 million in bearish shorts alone wiped out.
Open interest in Bitcoin futures exploded 11.49% over the last 24 hours. Interestingly, retail derivative traders on Binance bet on an imminent correction, as short positions exceeded longs.
Despite …