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Ether jumps 18% to $2,250 as bitcoin tops $69,000 in broad crypto rally
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- DeepHorus
Ether surged 18% in 24 hours to just above $2,250 during Asian morning hours Thursday, leading a broad cryptocurrency rally that pushed bitcoin past $69,000. Bitcoin traded just above $69,100, up nearly 8% on the day and 9% on the week, after touching almost $69,900 overnight. The move marked a swing of more than $5,700 from Wednesday's low near $64,100, with bullish momentum sweeping across nearly all major tokens.
The catalyst emerged Wednesday when Treasury Secretary Scott Bessent at least doubled the size of the department's bond buyback operations, a move traders interpreted as support for liquidity in the $30 trillion-plus Treasury market. Bitcoin rose 6% through the U.S. session, and roughly $1.4 billion of short positions were liquidated in four hours as bearish traders scrambled to close. The crypto rally was reinforced by a bond-market surge and President Donald Trump's call for Congress to advance crypto market-structure legislation.
Ether's weekly gain reached 20%, the strongest among major cryptocurrencies, while Hyperliquid's HYPE was the largest single gainer, up over 19% to just under $70 and 24% on the week. Solana rose over 10% to $84.50, XRP climbed 10% to $1.09, recovering the dollar level it lost on Tuesday for the first time since 2024, and Dogecoin added almost 8% to just under 7.5 cents. Only two majors lagged: BNB rose 3.5% to $626 with a weekly gain of just over 2%, and Tron was nearly flat, the only major lower on the week.
The liquidation cascade removed significant leverage from the market, with nearly $1.4 billion in shorts wiped out in a four-hour window. This forced bearish traders to buy back positions, amplifying the upward move. The bond market also extended its rally into Asia, with the 30-year U.S. yield falling a basis point to 5.18% after sliding nine points on Wednesday, and the 10-year yield dropping to 4.63%.
The impact was felt across the digital asset ecosystem, with total market capitalization rising sharply and trading volumes spiking on major exchanges. The rally improved sentiment among retail and institutional investors alike, particularly given the recent regulatory uncertainty. However, the sharp move on a liquidity headline rather than any Ethereum-specific news suggests some vulnerability to a pullback.
Washington added to the positive mood. President Donald Trump, appearing alongside executives from Coinbase, Gemini, Ripple, and Chainlink Labs at a White House event, urged Congress to advance the Digital Asset Market Clarity Act. He called for 'a fair version' of the market structure bill that has been stuck in the Senate, signaling renewed political momentum for crypto-friendly regulation.
Looking ahead, traders are watching whether ether can hold above $2,200, a level it had not cleared in weeks. A move that fast on a macro liquidity catalyst tends to give back some of its gains, so consolidation is likely. The broader rally's sustainability depends on continued bond-market support and progress on the legislative front.
This event underscores how intertwined crypto markets have become with traditional finance and Washington policy. The Treasury's bond buyback expansion and the renewed push for market structure legislation highlight a converging trend where liquidity conditions and regulatory clarity drive digital asset prices. As always, volatility remains the only constant in this asset class, but this week's action demonstrates the potential for rapid, broad-based rallies when macro tailwinds align.
