- Bitcoin surged near $69,000, pushing the total crypto market cap to $2.35 trillion.
- A total of $585 million in crypto positions were liquidated in 24 hours.
- New manipulation claims against Jane Street have also helped market sentiment.
The crypto market is pushing higher again, with total market capitalization rising roughly 4.6% in 24 hours to around $2.35 trillion. Bitcoin briefly moved above $69,000 before stabilizing near $68,500, while altcoins posted even stronger percentage gains.
So what’s behind today’s surge?
Several factors are converging at once: regulatory optimism, heavy short liquidations, rising leverage, and debate around alleged market manipulation.
Regulatory Developments Fuel Risk-On Mood
One of the drivers appears to be the upcoming U.S. Senate discussion on the crypto market structure bill. The market is effectively pricing in a positive outcome before anything is finalized.
Crypto’s 96% correlation with the S&P 500 also shows this is part of a broader macro-driven risk-on move rather than an isolated crypto event.
$585 Million in Liquidations Trigger Short Squeeze
A major short squeeze accelerated the rally. In the last 24 hours:
- About $585 million in crypto positions were liquidated
- Bitcoin accounted for roughly $236 million
- Short liquidations totaled around $194 million, compared to just $42 million in long liquidations
Additionally, demand for spot Bitcoin is increasing for the first time since late November, according to CryptoQuant’s Head of Research.
Jane Street Allegations Add New Narrative
Adding another layer to the market conversation are fresh allegations involving Jane Street. Terraform Labs has reportedly filed a lawsuit claiming Jane Street played a role in the collapse of Terra Luna, alleging manipulation and insider trading. The firm has denied wrongdoing, and the claims remain allegations at this stage.
Social media discussions have also revived accusations that Jane Street may have used algorithmic strategies to suppress Bitcoin’s price during certain trading hours.
Related: Bitcoin Climbs 4.5% as Strategy Faces Short Pressure
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Source: https://coinedition.com/why-is-crypto-up-today-bitcoin-near-69k-as-liquidations-surge/
