Coindesk

A sharp rally in crypto majors over the past 12 hours triggered the largest wave of liquidations since May, wiping out more than $460 million in short positions.Bitcoin (BTC) surged past $111,000, ether (ETH) jumped nearly 7% to above $2,700, and Solana’s SOL climbed above $158, catching traders betting against the move completely offside.More than 114,000 traders were liquidated, with combined losses topping $527 million, according to data from Coinglass. Of that, $463 million came from short positions — or leveraged bets that the market would go lower — while only $64 million came from longs. The single largest liquidation was a $51.5 million short on HTX’s BTC-USDT pair.Liquidations occur when traders using leverage, or borrowing funds to amplify their...

Good Morning, Asia. Here's what's making news in the markets:Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.Nvidia's ascent to a historic $4 trillion market cap, the first-ever company to achieve this milestone, might be exactly the catalyst bitcoin (BTC) needed to break out of its tightly coiled trading range and surge toward new all-time highs, addressing analysts' concerns that the crypto market lacked a clear driver.BTC is currently trading at $110,900, according to CoinDesk market data, after rallying during the U.S. trading hours to over $111,000 and briefly touching all-time high.Glassnode analysts had previously...

As the U.S. House of Representatives digs into digital assets policy during what lawmakers have styled "Crypto Week" next week, the committee that focuses on tax policy will discuss the proper way forward for taxing crypto.The chairman of the House Ways and Means Committee, Representative Jason Smith, announced a July 16 hearing of the oversight subcommittee to look at the "affirmative steps needed to place a tax policy framework on digital assets," according to a statement on Wednesday.Crypto taxation is next in line behind overall regulation of the markets and the oversight of stablecoins as a leading policy issue expected to get attention in Congress. The two primary legislative efforts are both expected to see action next week, including a...

Bitcoin (BTC) broke out of its recent very tight trading range during U.S. Wednesday afternoon hours, threatening to topple its May record of $112,000.The move came amid a broader crypto rally that also saw Ethereum's ether (ETH) surge 6% to $2,760, its highest level in a month. Bitcoin itself was ahead 2.4% at $111,400 at press time.For BTC, the $110,000 level has been a significant barrier over the past weeks with investors taking profits each time the price neared that level.Checking crypto-related stocks, Strategy (MSTR) is higher by 4.4% and at $414 only a few dollars shy of its highest level of 2025 (though still well below its record high set late last year of $543). Coinbase (COIN) is ahead...

Bitcoin's price saw a modest 2.55% increase in June, failing to surpass its May peak of $112,000. The cryptocurrency continues to trade within a narrow range, reflecting a period of consolidation, according to ARK Invest's latest Bitcoin Monthly report.A significant development highlighted in the report is the rise in long-term holders (LTHs), who now possess 74% of the total bitcoin supply — a level not seen in 15 years. This suggests a strong conviction among seasoned investors, even as the influx of new buyers diminishes.However, the report also points to a decline in on-chain capital flows during the second quarter, as measured by the Market-Value-to-Realized-Value (MVRV) momentum metric. This downturn indicates a cooling in market enthusiasm and a potential shift...