Short sellers swallowed the bitter pill Thursday as Bitcoin, Ethereum and XRP pushed to weekly highs and crypto liquidations spiked.
Bitcoin briefly topped $62,000 for the first time in over a week, rebounding to $62,078 after dipping below $58,000 earlier in the week (a 21-month low). At the time of writing, BTC was trading around $61,808—up roughly 3% on the day and about 4% over the last seven days.
Ethereum and Solana led the altcoin bounce, each climbing nearly 5% to roughly $1,701 and $81, respectively. Solana has been the standout among the top 10, surging more than 22% over the past week. XRP also gained, trading around $1.09—over 3% higher on the day.
The price moves have produced heavy liquidations: CoinGlass data shows roughly $602 million wiped out in the last 24 hours, with short positions accounting for about $400 million of that total. Notably, Ethereum-generated liquidations edged past Bitcoin’s contribution—$187 million versus $184 million—making ETH the largest single source of liquidations in the period.
Macro noise helped fuel the rally. Comments Wednesday from former Fed governor Kevin Warsh—who declined to say whether additional rate hikes were planned later in the year—coincided with shifting rate expectations. CME FedWatch pricing shows traders attach roughly even odds to a September hold or hike and price in about a 64% chance of a Fed rate move by October.
U.S. jobs data added more context: the Bureau of Labor Statistics reported payrolls rose by just 57,000 in June versus forecasts of 115,000 and a revised 129,000 in May. Equities reacted unevenly—S&P 500 and Nasdaq were lower while the Dow remained in positive territory, per Yahoo Finance.
Crypto-related stocks followed the digital-asset rally: MicroStrategy (MSTR) jumped nearly 7% to about $100 a share (after trading near $80 last week), Coinbase (COIN) rose roughly 3.35% to $165, and Circle (CRCL) gained almost 5% to $65.
Bottom line: a short-squeeze-driven rebound across major tokens has lifted prices and forced heavy liquidations, while lingering macro uncertainty around Fed policy and weak June jobs data keeps investors watchful heading into the coming weeks.
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