Bitcoin (BTC) surged past $70,000 on Monday during U.S. trading hours, surpassing the level for the first time in 10 days and gaining more than 7% over the past 24 hours. Ethereum's ether ($ETH ) was up 6% during the same period, while tokens for major layer-1 blockchains Solana ($SOL ) and Avalanche (AVAX) advanced more than 10%.
The rally extended to virtually all digital assets, with all constituents of the broad-market CoinDesk 20 Index (CD20) being in the green and the gauge up 6.1% for the day.
The sudden resurgence liquidated $195 million of leveraged derivatives positions across all crypto assets, some $129 million of them being short positions seeking to profit from lower prices, CoinGlass data shows. Bitcoin short liquidations reached $53 million, less than the average daily figure of the recent period.
The relatively modest amount of short liquidations despite the price surge suggests there weren't many market participants using leverage to bet on continued weakness$BTC