Cryptocurrency market suddenly surges! Bitcoin rises over 7% with over 120,000 traders liquidated

Cryptocurrency market surges collectively!

On the afternoon of March 4th, cryptocurrencies moved higher across the board, with Bitcoin rising over 7%, breaking through $71,000 per coin.

Ethereum broke through $2,000, now up over 6%.

Additionally, BNB, XRP, Solana, and other cryptocurrencies all increased by more than 4%.

According to Coinglass data, over 120,000 traders were liquidated in the past 24 hours, with a total liquidation amount of $447 million, including $170 million in long positions and $280 million in short positions.

As Bitcoin rises, stocks related to cryptocurrencies are also climbing in pre-market trading in the US.

In news, U.S. President Trump stated that the first regulatory framework for stablecoins, the GENIUS Act, is under threat and weakening from the banking sector. He urged Congress to expedite the passage of the Crypto Market Structure Act.

Subsequently, CFTC Chairman Mike Selig posted on X platform, calling for the swift passage of the CLARITY Act, stating that Trump’s stance on advancing the CLARITY Act is correct, and establishing a future-oriented digital asset market structure is crucial. The CFTC is prepared to implement this legislation during Trump’s term.

Additionally, the CFTC chairman announced that US perpetual futures linked to cryptocurrencies are about to be launched.

Despite ongoing tensions between the US and Iran, which have suppressed market risk appetite, Bitcoin and Ethereum still edged higher. Trade Nation analyst David Morrison stated in a report that Bitcoin and Ethereum have shown resilience amid the conflict, both continuing to consolidate sideways. He noted that Bitcoin remains above the $60,000 support level, facing resistance at $70,000.

He believes these two cryptocurrencies have rebounded from oversold levels, but Bitcoin needs a strong breakout above $70,000 to truly attract buyers back into the market.

(Source: China Fund News)