Crypto Markets Rebound as Bitcoin Hits New Highs Amid Rate Hike Uncertainty

Major cryptocurrencies are on the rise Thursday after a tumultuous week, with Bitcoin (BTC) leading the charge. The largest cryptocurrency by market capitalization topped $62,000 for the first time in over a week, rebounding to $62,078 from a low of under $58,000 earlier this week.

Ethereum (ETH), Solana (SOL), and XRP are also experiencing significant gains, with Ethereum reaching a price of $1,701 and Solana hitting $81. Solana is the biggest gainer among the top 10 cryptocurrencies in the last week, rising over 22%.

Crypto liquidations have surged to $602 million over the last 24 hours, with Ethereum accounting for more than half of that total, $187 million. Short positions make up $400 million of those liquidations.