Bitcoin Reclaims $62,000 as Crypto Markets Rally with Precious Metals

Crypto markets have staged a rare synchronized rally with precious metals, as Bitcoin reclaimed $62,000. The surge was driven by dovish signals from Federal Reserve officials and weaker-than-expected US nonfarm payroll data, which dampened the dollar and reignited rate-cut expectations.

The rebound saw Bitcoin surge toward $63,000, a gain exceeding 8% from its early-month low. Ethereum followed suit, gaining 2.13%, while other major tokens such as XRP, HYPE, Dogecoin, and BNB added 4%, nearly 2%, over 1%, and over 1% respectively.

The rally was also accompanied by a sharp increase in short selling, with over 67,000 traders liquidated across the crypto market, totaling $212 million. This led to a massive squeeze on short positions, with $281 million wiped out during the same period.