Bitcoin Reclaims $62,000 as 24-Hour Short Liquidations Top $600 Million
AI Market Summary
Crypto rebounded with BTC reclaiming $62,000 alongside broad gains in ETH, SOL and XRP, coinciding with $602M in 24h liquidations dominated by shorts. ETH slightly exceeded BTC in liquidation value, indicating forced short-covering amplified the move and near-term volatility. Weaker-than-expected US jobs data supported risk appetite while leaving the Fed path uncertain, keeping macro sensitivity elevated.
Impact level
● High
Affected assets
BTC/USDT+2.11%
AI Insight · BTC/USDTAI Insight
▲ Bullish
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CoinDesk reported that the crypto market broadly rebounded on Thursday, led by Bitcoin's move back above $62,000. Ethereum, XRP and Solana also advanced.
The upswing came with a sharp wave of forced position closures. Total liquidations across the market reached $602 million over the past 24 hours, with short positions accounting for about $400 million, according to CoinGlass.
Bitcoin climbed to an intraday high of $62,078, its first break above $62,000 in more than a week. Earlier in the week, it slipped below $58,000 and hit a 21-month low. At the latest quoted price of $61,808, Bitcoin was up about 3% on the day and roughly 4% over the past week.
Ethereum and Solana gained nearly 5% each, trading around $1,701 and $81, respectively. XRP added more than 3% to about $1.09. Over the past week, Solana led performance among the top ten cryptocurrencies, posting a cumulative gain of more than 22%.
By asset, Ethereum recorded about $187 million in liquidations, slightly above Bitcoin's $184 million, making ETH the largest contributor by liquidation value in this round. The dominance of short liquidations suggests bearish bets were rapidly unwound during the bounce, reinforcing near-term volatility.
The rally followed the release of new U.S. macroeconomic data. The report said Federal Reserve Chair Kevin Warsh did not signal on Wednesday whether additional rate hikes are expected this year, keeping the outlook for the policy path uncertain. CME FedWatch data shows traders currently see nearly even odds of the Fed holding rates steady or hiking at its September meeting; for October, the market prices a 64% chance of some form of rate hike.
Separately, the U.S. Bureau of Labor Statistics reported Thursday that June job growth came in at 57,000, below the market expectation of 115,000 and also under the revised 129,000 for May. After the weaker-than-expected payrolls report, U.S. equities were mixed: the S&P 500 and Nasdaq fell, while the Dow Jones Industrial Average remained higher.
