Cryptos Extend Gains Amidst Short Squeeze
WASHINGTON (dpa-AFX) - A broad rally across risk-driven assets as well as a short squeeze in the crypto market helped Bitcoin and other major cryptocurrencies extend overnight gains. Overall cryptocurrency market capitalization has increased to $2.66 trillion, and Bitcoin traded between $79,326 and $80,879 during the past 24 hours even as markets assessed the potential regulatory impact of the election outcome on the U.S. crypto industry.The positive sentiment in the cryptocurrency market comes amidst a short squeeze that caught traders off guard. Data from Coinglass shows aggregate crypto liquidations during the 24-hour period rising to $730 million from $452 million a day earlier. Liquidation of short positions stood at $448 million versus $179 million a day earlier. Liquidation of long positions stood at $282 million as compared with $273 million a day earlier.Bitcoin (BTC), the largest cryptocurrency is currently trading 0.32 percent higher on an overnight basis at $79,543.10. Bitcoin is however saddled with losses of 1.2 percent in the past week.Bitcoin Spot ETF products in the U.S. witnessed net inflows of $75 million on Wednesday versus net outflows of $116 million on Tuesday. While market leader iShares Bitcoin Trust ETF (IBIT) topped outflows with $201 million, Fidelity Wise Origin Bitcoin Trust (FBTC) topped inflows with $237 million.Bitcoin has improved to the 12th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The leading cryptocurrency is positioned between 11th ranked Meta Platforms and 13th ranked Broadcom.Ethereum (ETH) has also gained 0.32 percent overnight to $2,386.27. The leading alternate coin has gained 2.2 percent in the past week.Ethereum Spot ETF products in the U.S. witnessed net inflows of $53 million on Wednesday versus net outflows of $85 million on Tuesday. iShares Ethereum Trust ETF (ETHA) topped with net inflows of $33 million.Ethereum has rallied to the 61st position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.4th ranked BNB (BNB), the native coin of the BNB Chain ecosystem has edged up 0.01 percent to $710.10. Weekly losses amount to 4.6 percent.5th ranked XRP (XRP), a payments-focused cryptocurrency slipped 0.92 percent overnight and is currently trading at $1.3030.The price of 7th ranked Solana (SOL) rallied 2.5 percent overnight to $95.17. U.S.-listed Solana Spot ETF products witnessed nil flows on Wednesday.TRON (TRX) ranked 8th overall is currently trading 0.37 percent lower at $0.3184.9th ranked Hyperliquid (HYPE) plunged 5.5 percent on an overnight basis to $81.52. U.S.-listed Hyperliquid Spot ETF products witnessed net outflows of $2 million on Wednesday versus net inflows of $1 million on Tuesday.10th ranked Zcash (ZEC) also declined 1.5 percent overnight and the cryptocurrency is currently trading at $1,303.51. U.S.-listed Zcash Spot ETF products witnessed net inflows of $3 million on Wednesday versus net outflows of $4 million on Tuesday.For More Cryptocurrency News, visit rttnews.comCopyright(c) 2026 RTTNews.com. All Rights ReservedCopyright RTT News/dpa-AFX