Ether and solana extend gains as a short squeeze lifts bitcoin toward $62,000
CoinDesk 2026-07-03 05:18:58
Context: Bitcoin's price surged towards $62,000, its strongest level in two weeks, amid a short squeeze that led to significant liquidations for bearish traders. The gains in bitcoin were accompanied by notable increases in the prices of ether and solana, with ether up almost 10% on the week and solana nearly 19%. This market movement was also influenced by a rebound in tech stocks, which eased pressure from the AI trade.
Key Facts
- Bearish traders experienced liquidations totaling $281 million over a 24-hour period, which is nearly double the amount of liquidations for long traders.
- Ether's price increased by almost 10% over the course of the week, indicating a significant upward trend.
- Solana's price saw a substantial gain of nearly 19% over the same period, outperforming many other cryptocurrencies in the market.