Bitcoin Breaks $71,000 as Crypto Market Cap Surges Above $2.4 Trillion

Bitcoin rose roughly 5% to above $71,000 in five hours, adding nearly $70 billion in market capitalization, while Ethereum climbed about 5.6% to trade above $2,050 and XRP changed hands near $1.40, pushing total cryptocurrency market capitalization above $2.4 trillion with more than $100 billion in gains. Data show nearly $110 million in short positions were liquidated during the surge, as Bitcoin's move above $70,000 triggered forced buying and coincided with lower exchange inflows of around 28,235 BTC, CryptoQuant reports. Analysts noted a 63% correlation between Bitcoin and the S&P 500 and said comments from a Federal Reserve official backing a potential pause in interest rate hikes improved risk appetite, drawing investors back into digital assets.