Noida, Aug 21 (APAC Media): Bitcoin rose above $75,000 on Friday, hitting its highest level since May as a wider rally in cryptocurrencies gathered strength and investors rushed to close bets on further price declines.
The cryptocurrency climbed to around $75,268, adding more than $10,000 in just two days, according to market data cited by Forbes. The sharp rebound comes after a period of weakness and reflects a renewed appetite for Bitcoin among investors.
Other major digital assets also advanced. Ether, the second-largest cryptocurrency by market value, traded around $2,363, up more than 25% over the previous week. Solana, BNB, XRP and Dogecoin also posted gains, with XRP rising about 19% over 24 hours and Dogecoin gaining more than 11%.
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The rally triggered heavy losses for traders betting on falling prices. More than $1.25 billion in cryptocurrency short positions were liquidated over a 24-hour period, according to CoinGlass data cited by Forbes. Bitcoin-related liquidations accounted for roughly $750 million.
Short liquidations can accelerate price gains because traders are forced to buy the underlying asset to close losing positions, adding further demand to an already rising market.
Investor sentiment has also been supported by developments in Washington. U.S. President Donald Trump met cryptocurrency executives at the White House on Wednesday and called on Congress to advance the CLARITY Act, legislation backed by the crypto industry that seeks to establish a regulatory framework for digital assets.
The political focus on cryptocurrency has coincided with broader shifts in financial markets, helping improve appetite for risk-sensitive assets.
Bitcoin initially moved above $70,000 before extending its advance through $75,000, putting the cryptocurrency back near levels last seen several months ago.
The latest gains underscore the volatility of digital-asset markets, where rapid changes in investor sentiment can produce large price movements within a short period.
Market participants will now watch whether Bitcoin can hold above the $75,000 threshold and build on its recent gains, or whether profit-taking and renewed selling pressure will limit the rally.
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Disclaimer:Â This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
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