Cryptocurrency Market Sees Significant Surge on Strong NVIDIA Earnings

The cryptocurrency market has seen a significant surge in prices, with Bitcoin reaching a 24-hour high of $69,953.53.

This increase is attributed to strong quarterly results from AI giant NVIDIA, which have helped alleviate fears about the tech sector prospects.

According to data from Coinglass, short positions have surpassed long positions in the 24-hour liquidation statistics, implying a short squeeze. This has contributed to the increase in cryptocurrency prices.