finance
Bitcoin Nears $62,000 as Ether and Solana Extend Weekly Gains
Bitcoin traded around $61,360 on July 3 while ether and solana posted double-digit weekly advances. A short squeeze and weaker U.S. jobs data supported the move across risk assets.
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Bitcoin traded around $61,360 on July 3 and approached its strongest level in two weeks after rising 2.5 percent over the prior seven days. Ether climbed 4.2 percent in the latest 24 hours to about $1,702 and gained 9.7 percent on the week. Solana held near $80 with an 18.6 percent weekly increase.
XRP added 5.09. Hyperliquid's HYPE token rose 5.1 percent on the day. CoinDesk reported the price moves. Bearish positions absorbed the largest share of liquidations.
Traders lost $281 million on short bets in the 24 hours through July 3, compared with $159 million on long positions, according to Coinglass data cited by CoinDesk. Total liquidations reached $440 million across 95,690 traders. Ether shorts accounted for $157 million of the short total and bitcoin shorts $103 million.
The single largest position closed was an $18. U.S. June employment data released July 2 came in weaker than expected, trimming expectations for additional Federal Reserve rate increases, Bloomberg reported.
The softer figures also weighed on the dollar. South Korea's Kospi index rose 3 percent on July 3 and Samsung Electronics shares gained 6.8 percent. CoinDesk noted that U.S. spot bitcoin ETFs continued to record outflows and that third-quarter liquidity remains thin, leaving open whether the short-covering rally will generate sustained buying.
