Bitcoin rallies to $85,326 amid a $383 million short squeeze, while institutional players like MicroStrategy expand their crypto holdings following positive U.S. regulatory developments.
Bitcoin hit an 8-month high of $85,326.10 amid a short squeeze with $383 million in short positions liquidated.
Ethereum surged 6% to $2,731.56, benefiting from the broader crypto rally.
Strategy bought 950 Bitcoin for $75.7 million, increasing its treasury to 846,000 BTC.
Hyperliquid's new loan feature and Bitcoin's rally drove HYPE to an all-time high of $95.99.
XRP gained 7.8% to $1.48, riding the crypto market upswing.
Bitmine Immersion Technologies bought 27,562 Ether, expanding its crypto treasury to 5,983,940 ETH.
Bitcoin surged to an eight-month high of $85,326 following a massive short squeeze that liquidated $383 million in positions. The rally, supported by pro-crypto legislative moves in the U.S. and increased institutional buying from MicroStrategy and Bitmine, lifted the broader market, pushing Ethereum, XRP, and HYPE to significant gains.
The rally was primarily driven by a short squeeze that forced the liquidation of $383 million in Bitcoin short positions, combined with positive regulatory developments in the U.S.