Crypto Shorts Get Rekt as Bitcoin, Ethereum and XRP Rise to Weekly High Prices

Major cryptocurrencies are generally in Green Thursday, with Bitcoin, Ethereum, XRP and other top coins showing gains as crypto liquidations rise – with short positions making up most of the carnage.

Bitcoin hit the $62,000 mark for the first time in more than a week on Thursday morning, recovering to $62,078 after falling to a 21-month low below $58,000 earlier this week. At a recent price of $61,808, Bitcoin is up about 3% today and 4% over the past week.

Other major cryptocurrencies are showing similar gains, with Ethereum and Solana both up almost 5% on the day to reach recent prices of $1,701 and $81 respectively. Solana has been the biggest gainer among the top 10 cryptocurrencies over the past week, rising more than 22% in that period. XRP is up over 3% today at a recent price of $1.09.

Crypto liquidations have risen to $602 million in the past 24 hours, according to data from MintGlasswith Ethereum overtaking Bitcoin to become the top contributor with $187 million in liquidations, compared to $184 million for BTC. In total, short liquidations make up $400 million of the pile.

The bullish rebound comes after comments Wednesday from Fed Chairman Kevin Warsh, who declined to say whether the agency plans rate hikes later this year. At the time of writing, interest rate traders expect the Fed to hold rates steady or raise rates at its September meeting, although they predict a 64% chance of a rate hike at the October FOMC meeting. FedWatch from CME.

On Thursday, the U.S. Bureau of Labor Statistics said employers were reporting this adding significantly fewer jobs in June than expected: 57,000 versus a target of 115,000, down from a revised figure of 129,000 new jobs in May.

Stock markets are mixed following the news, with the S&P 500 and Nasdaq both down for the day but the Dow Jones still green. Yahoo Finance.

Major crypto stocks are showing gains today, with Strategy (MSTR) up almost 7% to $100 per share – after falling to almost $80 last week – while Coinbase (COIN) is up 3.35% to $165 and USDC stablecoin issuer Circle (CRCL) is up almost 5% to $65.