The cryptocurrency markets experienced a sharp recovery today.
While major digital assets, primarily Bitcoin and Ethereum, recorded strong gains, investors who took short positions faced heavy losses. A total of $525.69 million in positions were liquidated in the last 24 hours, with $472.73 million of that amount consisting of short positions.
Bitcoin surged 7.22% daily to $69,164, reaching a market capitalization of $1.38 trillion. Ethereum rose 11.63% to $2,072. Strong gains were also seen in altcoins. Solana increased 13.55% to $88.88, Cardano rose 14.11% to $0.2983, and Dogecoin gained 12.58% to $0.1036. XRP and BNB are also poised to close the day with significant gains.
Caroline Mauron, co-founder of Orbit Markets, stated that the rise reflects bottoming-out behavior following a prolonged sell-off. According to Mauron, Bitcoin surpassing the $70,000 level could more clearly shift the overall market narrative to a positive one.
The recovery gained momentum following US President Donald Trump’s relatively calm State of the Union address. While Trump did not mention digital assets in his speech, investors are now focused on the earnings report to be released by technology giant Nvidia. Nvidia’s financial results, seen as a key barometer of AI-related transactions, are expected to influence risk appetite in both the stock and crypto markets.
Earlier in the week, the US Supreme Court’s decision to invalidate Trump’s attempt to impose reciprocal tariffs using emergency powers, followed by the announcement of a 15% global tariff, led to sharp sell-offs in the markets. The recent rise is being interpreted as a relief rally following this wave.
*This is not investment advice.
