Bitcoin Rises 7%, Solana Jumps 14.5% as $347 Million in Crypto Shorts Are Liquidated Following Market Recovery
Solana's price rise has been especially notable, given recent developments involving the bankrupt exchange FTX. Around 11 million SOL tokens—valued at about $1.6 billion—were unlocked from the FTX estate, the largest such release since January 2021. Typically, such an influx of tokens would push prices down, but that has not happened. Analysts suggest the market had already absorbed the impact and that interest in the token remains strong. Matthew Nay, a research analyst at Messari, described the token as having been oversold and pointed to renewed interest driven by upcoming updates to the network, including the Firedancer validator client.
Meme coins on the Solana network have also gained traction. Fartcoin, developed by Truth Terminal, an AI agent, rose by 21% in the last 24 hours to a market cap of $1.08 billion. It surpassed Bonk to become the second-largest meme coin on Solana and is now approaching Official Trump (TRUMP), the current leader among Solana-based meme coins.
Bitcoin has gained momentum as a safe haven and store of value. Its continued rise is attributed to increasing adoption by institutional investors and the launch of spot ETFs. David Duong, head of research at Coinbase Institutional, highlighted that Bitcoin has become more embedded in traditional investment portfolios, which has helped cushion it from sharp price drops seen in previous cycles. On Tuesday, Bitcoin reached a peak of $93,461, its highest price since early March, and is now up 18% over the past two weeks.
Other major cryptocurrencies also saw gains. Ethereum rose nearly 8% to $1,703, Dogecoin climbed 9% to $0.172, and XRP gained 3% to $2.15. Although some of these tokens remain below their recent peaks, the broader market has shown signs of recovery.
Crypto-related liquidations totaled $347 million over the last 24 hours, with $255 million coming from short positions. Bitcoin accounted for $142 million of that, while Ethereum made up $90 million. The broader mood in financial markets has improved slightly as hopes grow for reduced trade tensions between the U.S. and China.
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