Crypto Shorts Get Rekt as Bitcoin, Ethereum and XRP Rise to Weekly High Prices
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- Bitcoin topped $62,000 Thursday at $62,078, rebounding from a 21-month low under $58,000 earlier in the week, up roughly 3% on the day and 4% on the week
- Ethereum and Solana both rose nearly 5% on the day to $1,701 and $81 respectively, with Solana gaining over 22% on the week—the top performer among the ten largest cryptocurrencies
- XRP climbed more than 3% to a recent $1.09, joining the broad-based crypto rally
- Crypto liquidations hit $602 million in 24 hours, with short positions bearing $400 million of the damage; Ethereum ($187M) overtook Bitcoin ($184M) as the single largest liquidation contributor, per CoinGlass
- Fed Chair Kevin Warsh declined Wednesday to confirm or rule out upcoming rate hikes, with CME FedWatch showing roughly even odds for September and a 64% chance of a hike by October
- The June jobs report undershot badly at 57,000 positions added versus 115,000 expected, down from May's revised 129,000
- Crypto-related equities tracked higher: Strategy (MSTR) surged nearly 7% to roughly $100, Coinbase (COIN) added 3.35% to $165, and Circle (CRCL) gained almost 5% to $65
Why it matters: The rally's primary fuel—$400 million in forced short covering out of $602 million total liquidations—shows leveraged bears were wrong-footed by the bounce, but the mixed macro backdrop (Warsh dodging rate-hike questions and a 57K vs. 115K jobs miss) suggests this may be a squeeze rather than a confirmed trend reversal, keeping October rate-hike odds at 64% firmly in play.
