Bitcoin Surges Past $110,000

Bitcoin breezed past $110,000 late Monday afternoon, marking the first time it’s crossed that threshold in nearly two weeks as investors remained hopeful about ongoing talks between the U.S. and China that could ease trade tensions. This optimism has led to a surge in short position liquidations.

The largest cryptocurrency by market capitalization was recently trading at about $110,100, up 3.5% over the past 24 hours. BTC has risen nearly 5% over the past week after dropping below $101,000 on June 5, part of a broader decline that began in late May. At this level, Bitcoin is nearing its all-time high of $111,814, set in May.

Major altcoins were also in the green, with Ethereum—the second largest coin by market cap—trading above $2,640, up 4.5%, and its rival, Solana, climbing more than 3% to nearly $160.

Even meme coins, which have faced significant downturns recently, showed positive trends, with Dogecoin and its spinoff Shiba Inu rising 4.5% and 2.5%, respectively.

These spikes were influenced by renewed U.S.-China discussions regarding severe trade tariffs that have unsettled markets. The tech-focused Nasdaq and S&P 500 both saw slight increases on Monday.

In the last day, nearly $323 million worth of crypto short positions were liquidated, according to data from CoinGlass, with Bitcoin leading at $196 million.

Despite the positive momentum, crypto investors have been cautious amid trade issues and other macroeconomic uncertainties, as spot Bitcoin exchange-traded funds have shed assets on five of the last seven days. Conversely, Ethereum ETFs have maintained a 15-day streak of positive inflows.

Edited by Andrew Hayward