The crypto sector soared higher to close the week as it looked past the sudden global shift to tighter monetary policy, and the SEC “innovation exemption” trumped the failure of the Clarity Act.
Bitcoin has climbed nearly 6% over the past 24 hours, with ether rising 7.3%, XRP gaining 8.9%, and solana jumping 12.7%.
Crypto-related stocks were higher across the board, with many sporting double-digit percentage gains. Coinbase (COIN) +11.7%, Strategy (MSTR) +16.4%, Gemini (GEMI) +31%, Securitize (SECZ) +21.7%, MARA Holdings (MARA) +13.7%.
Solana (SOL) broke out to fresh highs after spending the past few weeks digesting its roughly 50% rally in August. On Friday, SOL surged more than 10% over the past 24 hours to $112, its highest price in seven months, outperforming both bitcoin (BTC) and ether (ETH).
The strength spilled into Solana’s DeFi ecosystem. Jupiter (JUP), the token of the network’s trading aggregator, Raydium (RAY), a Solana-based decentralized exchange, and Meteora (MET), a liquidity and decentralized trading protocol, all rallied alongside SOL.
JUP, RAY and MET surged roughly 15%-20% over the past 24 hours.
As crypto’s rebound picked up steam on Friday, traders betting on another leg lower are getting squeezed.
Roughly $470 million of short crypto derivatives positions were liquidated over the past 24 hours, according to CoinGlass data.
Bitcoin bears took most of the hit, with $238 million of BTC shorts wiped out as the largest cryptocurrency surged to $81,000 during the session.
Ether (ETH) shorts weren't spared either: some $85 million of bearish positions were liquidated as ETH rebounded to nearly $2,600.
These liquidations can add fuel to a rally as exchanges forcibly close losing short positions, triggering additional buying in derivatives markets.
Hyperliquid’s HYPE token rose to a new all-time high, trading around $92 and gaining about 11% over the past 24 hours, as traders reacted to signs of movement on U.S. crypto regulation.
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