Bitcoin Tops $91,000 Amid U.S. Actions on Venezuela; Altcoins Also Climb Higher
Bitcoin surged past $91,000, trading around $91,300 during Asian hours, marking a 1.4% increase on the day and more than a 4% rise over the past week. Ether approached $3,150, up roughly 1% on the day and about 7% for the week. Other altcoins also saw gains: Solana rose about 1.6% daily and over 8% weekly; XRP climbed above $2, increasing around 0.6% on the day and approximately 10% over the week; Cardano showed modest daily gains and about an 8% rise weekly.
The recent rally followed a sharp liquidation flush that cleared crowded positions and reset near-term leverage. Approximately $180 million in futures contracts were liquidated in the past 24 hours, with about $133 million stemming from shorts and $47 million from longs, suggesting forced buybacks and a leverage reset. Crypto traders noted that headlines related to U.S. actions on Venezuela acted as catalysts for volatility. Liquidity concerns further magnified price movements, especially when many short positions were positioned for a pullback, accelerating forced covering and price gains.
The U.S. actions on Venezuela involved plans regarding Venezuela's leadership and oil. The White House shared limited information about implementation. Venezuela’s Supreme Court granted Vice President Delcy Rodríguez acting presidential powers after President Maduro was taken into U.S. custody. Former U.S. President Trump indicated a U.S. presence in Venezuela related to oil, suggesting that U.S. troops on the ground would not be necessary if Rodríguez complies. This signals potential U.S. involvement focused on oil rather than direct military engagement.
