Bitcoin experienced a significant increase of over 6% on Wednesday, surpassing $68,000 amid a broader recovery across the cryptocurrency market. This surge propelled major altcoins, with Ethereum climbing nearly 11% to about $2,050, Solana also gaining 11% to reach $88, and XRP advancing 7.5% to close in on $1.45. Notably, Filecoin emerged as a top performer among large-cap cryptocurrencies, soaring 23% in just 24 hours, followed closely by Polkadot at 22% and Aptos with a 19% increase.
This upward momentum coincided with gains in traditional stock markets. The S&P 500 index recorded a 0.7% rise by midday, while the Nasdaq composite increased by 1%. This indicates a renewed correlation between cryptocurrency and traditional markets, especially after a phase where digital currencies often declined independently.
Moreover, commodities shared in the positive trend, with gold prices increasing by 1.3%, surpassing $5,200, whereas silver surged 4.2% to regain the $90 mark.
In a period marked by trading fluctuations, nearly $80 million in liquidations took place within a single hour and over $429 million in total liquidations were recorded in the last 24 hours, primarily impacting short sellers, as per Coinglass data.
Crypto equities mirrored the rise in spot prices, particularly after Circle's earnings report announced better than expected results. Circle's stock surged over 28%, while Coinbase increased by 13%. Additionally, Figure gained 12% and Galaxy followed with an 8% rise. Companies involved in crypto treasury also saw positive movement with Strategy and BitMine both up by 12%. Miners also noted gains, with WULF rising by 5%, MARA gaining 9%, and CleanSpark advancing by 4%.