Bitcoin Breaches $71K, Ether ETF Hopes Renew, Shorts Suffer Heavy Liquidations

Bitcoin (BTC) has surged over $71,000 its highest since early April. The apex cryptocurrency dragged along its rival and fellow crypto major Ether (ETH) which surged over 19% to $3,700.

Ether surged as Bloomberg analysts raised the probability of spot ETH exchange-traded fund (ETF) getting approved in the U.S. to 75%.

Other majors were splashes with gains as XRP, Cardano’s ADA, Solana’s SOL and dogecoin (DOGE) rose between 3-6%, as per CoinGecko data.

Shorts (are bets against higher price movements) licking their $260 million wounds as the sudden move up caused market-wide short liquidations, the biggest since Feb.28. Ether shorts lost over $115 million, followed by bitcoin shorts at just over $99 million, Coinglass data shows.

Crypto exchange Binance logged over $130 million in liquidations, the largest among counterparts, followed by OKX at $118 million and Huobi at $51 million.

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