Bitcoin climbed back above $62,000 on Thursday, July 2, for the first time in over a week, powering a broad crypto market rally that wiped out $400 million in short positions and left bearish traders nursing heavy losses.
Bitcoin Rebounds From 21-Month Low
The flagship cryptocurrency topped $62,078 on Thursday morning after tumbling to a 21-month low below $58,000 earlier in the week. At a recent price of $61,808, Bitcoin was up roughly 3% on the day and 4% over the past seven days.
Ethereum and Solana Lead Altcoin Gains
Ethereum and Solana each gained nearly 5% on the day, trading at recent prices of $1,701 and $81 respectively. Solana stood out as the strongest performer among the top 10 cryptocurrencies over the past week, surging more than 22% during that span. XRP added more than 3% on the day, reaching $1.09.
$602 Million in Liquidations, Shorts Take the Brunt
Total crypto liquidations over the prior 24 hours reached $602 million, according to CoinGlass data. Of that total, short liquidations accounted for $400 million. Ethereum overtook Bitcoin as the single largest source of liquidations, with $187 million against Bitcoin’s $184 million.
Fed, Jobs Data Add to Market Churn
Wednesday remarks from Federal Reserve Chair Kevin Warsh, who declined to confirm or deny planned rate hikes later in the year, helped trigger Wednesday’s bullish sentiment. As of Thursday, interest rate traders saw roughly even odds of the Fed holding rates or raising them at the September meeting, while projecting a 64% probability of a rate hike by the October FOMC meeting, per CME’s FedWatch tool.
The U.S. Bureau of Labor Statistics reported Thursday that employers added just 57,000 jobs in June, well short of the 115,000 forecast and down from a revised 129,000 in May. Stocks were mixed on the news: the S&P 500 and Nasdaq both fell while the Dow remained in positive territory, per Yahoo Finance.
Crypto Stocks Rally Alongside Tokens
Major crypto-linked equities joined the rebound. Strategy (MSTR) gained nearly 7% to $100 per share, recovering from a near-$80 low reached the prior week. Coinbase (COIN) rose 3.35% to $165, and USDC issuer Circle (CRCL) climbed almost 5% to $65.
