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BTC 
ETH Ethereum price climbs to US$1,950, short positions suffer massive liquidation
On Tuesday, Ethereum (ETH) price hit US$1,950 at one point, setting a seven-week high, catching leveraged short positions off guard and causing short positions to be liquidated by approximately US$62 million. The rise widened Ethereum's rebound since its June 26 low of $1,500 to 29%. At the same time, Bitcoin (BTC) exceeded US$66,500, and the overall risk appetite in the crypto market warmed up.
Ethereum's rise is closely related to the overall trend of the crypto market, and market sentiment has turned positive since July. U.S. stocks rose on Tuesday, easing investors 'concerns about excessive valuations following the artificial intelligence stock boom. Traders expected solid corporate earnings after 3M Corporation (MMM US) reported earnings Tuesday morning. The next big test will come on Wednesday, when Google parent company Alphabet reports quarterly results after the U.S. stock market closes. Investors are closely watching whether their cloud services revenue will grow by 64% due to large-scale AI investment. If performance guidance is strong, it may push the total market value of the crypto market to exceed the US$2 trillion mark.
