Bitcoin Near $70,000, Ethereum, XRP, Dogecoin Pop as Crypto Hits 'Greed' Mode: Analyst Says It's Just the

Leading cryptocurrencies jumped to their multi-month highs on Wednesday as investors parsed CLARITY Act optimism and other macro developments.

Crypto Market Explodes

Bitcoin surged nearly 8% to touch $70,000, reaching its highest level since early June. Trading volume erupted 161% over the last 24 hours, indicating high buying pressure.

Ethereum soared to levels not seen since May 12, while trading volume exploded by 346%. XRP and Dogecoin also recorded sharp spikes.

Cryptocurrency-related stocks also soared, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 12.68% and 10.72%, respectively. 

Growing optimism around a September passage of the CLARITY Act lifted the market and cryptocurrency-adjacent equities

Nearly $3 billion was liquidated from the cryptocurrency market in the last 24 hours, with $2.74 billion in bearish short positions alone wiped out, according to Coinglass data. It was the largest single-day short liquidation event in Bitcoin’s history.

Bitcoin’s open interest jumped 5.41% over the last 24 hours. That said, sentiment among BTC’s retail and whale derivatives traders flipped from “Bullish” to “Neutral.”

"Greed" sentiment took over the market, according to the Crypto Fear & Greed Index.