Specifically, Bitcoin, Ethereum, and Dogecoin all saw massive price surges resulting in huge short liquidations across the crypto market. Bitcoin pushed past the $92,000, $93,000 and $94,000 levels in rapid succession, hitting its highest price in two months. Ethereum made significant gains too, rising above $1,700 and then $1,800, with Dogecoin pumping past 18 cents.
The insane price pump led to over $234 million in short liquidations. With this, today has been 2025’s biggest short wipeout, so far. One extremely large Ethereum futures position, worth a whopping $4.5 million, was liquidated on the climb. And with that, happy 12-month anniversary to Bitcoin’s most recent halving event!
Market Dynamics and Bitcoin's Rise
Bitcoin’s recent trading range of the last few weeks had been between $87,000 and $91,000 prior to the sudden breakout. The crypto asset saw an approximate 7 percent daily increase, pushing it above a pair of resistance lines. The increase was explained by calming market fears, specifically by political and economic rhetoric in recent weeks from the United States.
Bitcoin’s rise over $94,000 is a remarkable achievement after setting its previous all-time high of $73,600 on March 13, 2024. The increase is a sign of increased bullishness in the market. The only other inverse liquidation event of this magnitude was in November 2024, when $426 million was liquidated.
Ethereum and Dogecoin's Performance
Ethereum’s recent surge above $1,700 and then $1,800 is a sign of increasing investor confidence in the platform and its ever-expanding range of potential applications. Dogecoin’s recent rally past 18 cents serves as a reminder that meme coins are still popular and capable of delivering significant profits. These movements reflect the widespread rally taking place across multiple sectors of the cryptocurrency market.
Factors Influencing the Surge
Political and monetary optics coming out of the U.S. are loosening. This shift is fueling a huge boom in the crypto market. All of these signals are helping create a more stable, reliable and predictable economic environment, restoring confidence among investors and helping them to re-enter the market. The anniversary of Bitcoin's halving also serves as a reminder of the cryptocurrency's long-term value proposition.
