# Cryptocurrency Market Surges Led by Bitcoin
The cryptocurrency market experienced a significant rebound on the afternoon of October 25th, led by a sharp rally in Bitcoin. The premier digital currency surged past $70,000, while Ethereum crossed the $3,600 threshold. Other major coins, including Binance Coin (BNB) and Solana, also posted broad gains. The total market capitalization of the cryptocurrency sector increased by $130 billion to reach $2.67 trillion, and 24-hour trading volume soared 53.87% to $103.5 billion.
# Factors Behind the Surge Remain Unclear
The precise trigger for the cryptocurrency market’s sudden upswing remains undetermined. Nonetheless, analysts and media outlets have offered various perspectives on the rally.
# Industry Expert Insights
**Alex Thorne, Head of Research at Galaxy Digital:** “Over the past two weeks, the record outflows from the Grayscale Bitcoin Trust (GBTC), likely stemming from asset liquidations related to the bankruptcies of Genesis and Gemini, contributed to a bearish spot market. However, several technical indicators suggested selling pressure fatigue.” (CNBC)
**Sam Callahan, Senior Analyst at Swan Bitcoin:** “Federal Reserve officials made it clear last week that they are considering both rate cuts and a slowdown in the pace of their quantitative tightening program this year. Such measures would improve liquidity conditions and act as a positive catalyst for asset prices. Bitcoin, functioning as a barometer for liquidity conditions, responded favorably to the Fed’s message of imminent monetary policy easing.” (CNBC)
**Nathaniel Cohen, Co-Founder of Indigo Fund:** “While inflows into ETFs have slowed, there are buy orders around the $60,000 level on order books. This indicates a strong appetite for buying during market dips.” (Bloomberg)
# Data Insights from CoinDesk
According to CoinDesk, data from CoinGlass revealed that the abrupt rebound in the cryptocurrency market led to the liquidation of $195 million in leveraged derivatives positions. Of this amount, approximately $129 million were short positions. The short-position liquidation for Bitcoin amounted to $53 million, which is below the recent daily average, indicating that there weren’t many market participants betting on a continued decline in Bitcoin’s price using leverage.
