Bitcoin reached just under $75,000 in Asian trading on Friday, up about 8% on the day and 18% over the week, while ether rose nearly 5% to $2,350 and solana gained more than 5% to around $90. Approximately $1 billion of short positions were liquidated in the past 24 hours, contributing to a $4 billion total loss for short sellers over two days.

Traders forced to cover losing bets pushed prices higher, creating a cascade of liquidations that totaled more than $4 billion in short positions over two days, the largest single‑day figure since 2021. The rally followed a Treasury announcement on Wednesday that doubled the size of its long‑end bond buybacks to $4 billion per operation, easing conditions in the $30 trillion Treasury market and increasing risk appetite. President Donald Trump also urged Congress on Wednesday to advance the Digital Asset Market Clarity Act, adding political support for the market movement.

CoinGlass reported that $1 billion of short liquidations occurred across 140,416 traders in the 24‑hour period, out of $1.23 billion in total short exposure. The largest single position closed was a $25.13 million bitcoin trade on Hyperliquid. Ether’s 24‑hour gain of nearly 5% brought its weekly increase to 24.5%, while solana’s weekly gain reached 17%. BNB rose 6% to $660, up 8% over seven days, and Tron edged up 1.5% to about 34 cents. The market capitalization of bitcoin stood at $1.5 trillion, still about 40% below its October 2023 peak of more than $126,000. Analysts noted that the price action reflected mechanical pressure from short covering rather than fundamental demand, though looser Treasury market conditions and supportive signals from Washington contributed to the rally.

The market remains below its all‑time high, and the outcome of the Digital Asset Market Clarity Act and future Treasury policy will likely influence the sustainability of the recent gains.