The cryptocurrency market experienced a collective upward surge. On the afternoon of March 4, cryptocurrencies moved higher collectively, with Bitcoin rising over 7% to surpass $71,000 per coin.
Ethereum broke through $2,000 per coin, currently up more than 6%.
Additionally, cryptocurrencies such as BNB, XRP, and Solana all gained over 4%.
Data from Coinglass shows that in the past 24 hours, more than 120,000 traders in the cryptocurrency market were liquidated, with total liquidation amounts reaching $447 million. Of this, long position liquidations accounted for $170 million, while short position liquidations totaled $280 million.
Amid the rise in Bitcoin, stocks related to cryptocurrencies also moved higher during US pre-market trading.
Regarding market news, former US President Donald Trump stated that the GENIUS Act, the first US regulatory framework for stablecoin issuance, is being threatened and weakened by the banking industry. He urged Congress to advance the crypto market structure bill promptly.
Subsequently, US Commodity Futures Trading Commission (CFTC) Chairman Mike Selig posted on platform X, reiterating the call for the swift passage of the CLARITY Act. He stated that Trump's position on pushing for the CLARITY Act's passage is correct, emphasizing that establishing a forward-looking digital asset market structure is crucial. The CFTC is prepared to implement the act during a potential Trump administration.
Furthermore, the Chairman of the US Commodity Futures Trading Commission indicated that US perpetual futures linked to cryptocurrencies will be launched soon.
Despite ongoing tensions between the US and Iran dampening market risk appetite, Bitcoin and Ethereum still recorded slight gains. David Morrison, an analyst at Trade Nation, noted in a report that Bitcoin and Ethereum have shown resilience to the conflict in recent days, with both continuing to trade sideways. He mentioned that Bitcoin is holding above the $60,000 support level while facing resistance at $70,000.
He believes that both cryptocurrencies have rebounded from oversold levels, but Bitcoin needs a strong breakout above $70,000 to genuinely attract buyers back to the market.