The cryptocurrency market staged a sharp recovery over the past 24 hours, with Bitcoin leading a broad-based rally that pushed the total crypto market cap to $2.64 trillion.
Bitcoin drove the rebound after surging nearly 10% in 24 hours and briefly approaching the $80,000 mark. Although the cryptocurrency later pulled back, it remained around $77,630 and maintained an 8.32% gain over the period.
Meanwhile, the rally spread across the broader market. Ethereum climbed above $2,400 before retreating to $2,369, while XRP moved above $1.40. Shiba Inu and Cardano also posted strong gains as renewed buying pressure lifted sentiment across the crypto market.
Bitcoin Rally Wipes Out $1.48 Billion in Leveraged Positions
However, the sharp recovery created significant losses for traders who had bet on further declines.
According to liquidation data, more than $1.48 billion worth of leveraged crypto positions were liquidated over the past 24 hours, affecting 175,399 traders. Short positions accounted for the vast majority of the liquidations, reaching about $1.22 billion.
In contrast, long positions accounted for approximately $259.66 million. The wide gap between short and long liquidations shows how heavily traders had positioned themselves for another market decline before prices suddenly reversed higher.
Bitcoin recorded the largest share of the liquidations at approximately $830.82 million. Ethereum followed with about $314.78 million. The largest single liquidation occurred on Hyperliquid and involved the BTC-USD trading pair, according to Coinglass data.
White House Crypto Summit Fuels Positive Sentiment
The crypto market’s rebound also followed the White House Crypto Summit, where President Donald Trump reiterated his administration’s support for the digital asset industry.
During the summit, Trump backed the CLARITY Act and reiterated plans for the United States to acquire Bitcoin. These comments reinforced expectations that the U.S. would maintain a more supportive approach toward cryptocurrencies.
Consequently, the policy signals added fresh momentum to an already recovering market. As traders responded to the more favorable outlook, Bitcoin and other major cryptocurrencies attracted renewed buying pressure.
Bitcoin and Ethereum Retrace After Strong Gains
Despite the powerful rally, Bitcoin and Ethereum have given back some of their intraday gains.
Bitcoin currently trades around $77,630, while Ethereum changes hands near $2,369. Nevertheless, both assets remain significantly higher over the past 24 hours, with Bitcoin up 8.32% and Ethereum gaining 5.10%.
Evans Kelvin
