Ether and solana extend gains as a short squeeze lifts bitcoin toward $62,000
Cryptocurrencies like Bitcoin, Ether, and Solana saw gains driven by a short squeeze and a favorable macroeconomic environment. Weaker US employment data reduced expectations for further interest rate hikes, boosting investor sentiment.
Why it matters
The crypto market's sensitivity to US economic policy and AI-driven stock trends illustrates the increasing integration of digital assets into the broader global financial system.
Bitcoin traded around $61,360, up 2.5% over seven days, per CoinDesk data. Ether rose 4.2% in 24 hours to about $1,702 and is up 9.7% on the week, while solana held near $80 with a weekly gain of 18.6%, the strongest among the majors. XRP added 5.7% over the week to $1.09 and Hyperliquid's HYPE rose 5.1% on the day.
The article provides a factual account of market movements and links them to macroeconomic indicators.
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