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XRP Bitcoin exceeded US$74,000, and a US$3 billion short position pushed Ethereum and altcoin to rise.
Bitcoin prices have exceeded US$74,000, reaching a high of US$75,527 million, continuing a four-day rally. The rally forced the unwinding of short positions in the cryptocurrency derivatives market of more than $3 billion. The current trading price of Bitcoin is approximately US$74,695 million, up 7.8% in 24 hours and nearly 20% from this week's low of US$62,525 million.
According to CoinGlass's clearing data, during the upswing from August 19 to 20, the total amount of cryptocurrency short clearing exceeded US$3.1 billion, of which Bitcoin accounted for more than half. This accelerated rise is directly due to Bitcoin's previous breakthrough of US$70,000, while Ethereum rose 18% a day ago, and altcoins have also joined the rebound. Since then, Bitcoin has risen by about $5000 at its peak, and the total market value of cryptocurrencies has climbed to about $2.61 trillion, an increase of 6.7% in 24 hours.
The US$3 billion short squeeze accelerates Bitcoin's breakthrough
The first wave of gains stems from the U.S. Treasury's decision to at least double the size of long-term liquidity-backed repo. Starting from September 9, the maximum size of operations on 10-to 30-year treasury bonds has increased from US$2 billion to at least US$4 billion. The announcement eased pressure on long-term bonds and improved market risk appetite as Bitcoin approached a price level where it was severely short. The resulting wave of liquidations combined with forced buying orders against the backdrop of an increasingly strong spot market, pushing Bitcoin to exceed US$70,000, US$72,000, and eventually reaching US$75,000.
Bitcoin's 24-hour trading volume is approximately US$59.6 billion, and its market value has climbed to nearly US$1.5 trillion. Bitcoin's dominance remains at a high level of 57.3%. Even if funds begin to flow to large-cap altcoins, Bitcoin still firmly controls the overall trend.
Ethereum, Ripple and Solana continue their gains
Ethereum stabilized above US$2340 after hitting US$2374, and its gain expanded to more than 24% on the 7th. ETH saw an improvement in Internet activity during its rebound, with the number of new Ethereum addresses surging by 75% in eight days. The participation of altcoins has also increased significantly. Ripple rose about 20% in 24 hours to $1.31, briefly touching $1.34;Solana rose 5.6% to $89.22, up more than 17% on the 7th.
The widening range of gains has made this rally take on different characteristics from Bitcoin's independent rise earlier this year. Forced short covering provided initial acceleration, but large-cap currencies such as Ethereum, Ripple, and Solana are now attracting enough buying to push the entire cryptocurrency market higher with Bitcoin.
The White House's crypto policy push to add market momentum
Washington has also provided a new catalyst. At this week's White House meeting, U.S. President Trump joined forces with industry leaders such as Coinbase, Kraken, Ripple, Robinhood, the New York Stock Exchange, and Nasdaq to pressure Congress to introduce a "fair version" of the CLARITY Act, and revealed that relevant proposals to increase U.S. Bitcoin purchases have been discussed. The U.S. Securities and Exchange Commission (SEC) also proposed new exemption rules for crypto financing this week, with a maximum annual financing amount of US$75 million.
Gold advocate Peter Schiff remained on the opposite side, calling Bitcoin's rise a "false breakthrough rather than a real breakthrough" and urging investors to exchange Bitcoin for gold. After hitting a 24-hour high of $75,527 million, Bitcoin is currently trading at around $74,695 million, its strongest level since early June.
