Bitcoin Surges Past $74K As $3B Short Squeeze Lifts Ethereum And Altcoins

Bitcoin has surged past $74,000 and traded as high as $75,527, extending a four-day rebound that has forced more than $3 billion in bearish positions out of the crypto derivatives market.

BTC was trading around $74,695, up 7.8% over 24 hours and nearly 20% from its weekly low of $62,525. CoinGlass liquidation data put crypto short liquidations above $3.1 billion across the August 19-20 surge, with Bitcoin accounting for more than half of the squeeze.

The acceleration builds directly on Bitcoin’s move toward $70,000 as Ethereum jumped 18% and altcoins joined the rallya day earlier. Bitcoin has since added another $5,000 at the highs, while total crypto market capitalization has climbed to roughly $2.61 trillion, up 6.7% over 24 hours.

$3 Billion Short Squeeze Accelerates Bitcoin Breakout

The first leg higher followed the U.S. Treasury’s decision to at least double long-duration liquidity-support buybacks, raising the maximum size of operations in the 10-to-30-year sectors from $2 billion to at least $4 billion beginning September 9.

That announcement eased pressure across long-duration bonds and helped improve risk appetite just as Bitcoin was pushing into heavily shorted price levels. The resulting liquidation cascade added forced buying to an increasingly strong spot market, accelerating BTC through $70,000, $72,000 and eventually $75,000.

Bitcoin’s 24-hour trading volume reached roughly $59.6 billion, while its market capitalization climbed toward $1.5 trillion. BTC dominance remained high at 57.3%, leaving Bitcoin firmly in control of the broader move even as capital spread into large-cap altcoins.

Ethereum, XRP And Solana Extend The Rally

Ethereum held above $2,340 after reaching $2,374, extending its seven-day gain to more than 24%. ETH entered the rebound with improving network activity after new daily Ethereum addresses surged 75% in eight days.

Altcoin participation has strengthened considerably. XRP jumped about 20% in 24 hours to $1.31, briefly reaching $1.34, while Solana advanced 5.6% to $89.22 and remained more than 17% higher over seven days.

The expanding breadth gives the rally a different profile from Bitcoin-only rebounds seen earlier this year. Forced short covering provided the initial acceleration, but ETH, XRP, SOL and other large caps are now attracting enough buying to push the entire crypto market higher alongside BTC.

White House Crypto Push Adds Policy Momentum

Washington has supplied another catalyst. President Donald Trump used this week’s White House meeting with Coinbase, Kraken, Ripple, Robinhood, NYSE, Nasdaq and other industry leaders to press Congress for a “fair version” of the CLARITY Act and said proposals for additional U.S. Bitcoin purchases had been discussed.

The regulatory push has continued at the SEC, which this week proposed new crypto fundraising exemptions reaching $75 million annually.

Gold advocate Peter Schiff remained firmly on the other side of the trade, calling Bitcoin’s move a “fakeout, not a breakout” and urging investors to switch from Bitcoin to gold.

Bitcoin was trading near $74,695 after reaching a 24-hour high of $75,527, its strongest level since early June.

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