Bitcoin Surges Above $73,000 as Global Markets Rebound

Crypto markets rallied sharply on Wednesday as global markets bounced back despite the ongoing conflict in the Middle East. Stocks and precious metals gained while oil and natural gas dipped slightly.

Bitcoin (BTC) is trading at around $73,500, up 8% over the past 24 hours and marking a four-week high for the world’s largest cryptocurrency. Meanwhile, ETH and SOL surged 9% to about $2,140 and $91, respectively, and BNB is up 4% on the day.

The overall crypto market capitalization climbed nearly 6% to $2.54 trillion, according to Coingecko.

Investor sentiment is being buoyed by upbeat U.S. economic data. Earlier today, ADP reported that the private sector added more jobs than expected in February. Additionally, the ISM services index rose to 56.1 in February, indicating that the non-manufacturing sector remains resilient. The S&P 500 and the Nasdaq gained around 1% and 1.8%, respectively, while gold and silver posted modest gains.

Almost all of the Top 100 digital assets posted gains over the last 24 hours.

Top gainers include Dogecoin (DOGE), SKY, and Ethereum (ETH), which rallied 14%, 10%, and 9%, respectively.

Near Protocol (NEAR) is today’s biggest loser, falling 5%.

Around 129,000 leveraged traders were liquidated for $530 million in the past 24 hours, according to CoinGlass. Bitcoin accounted for $293 million, while ETH positions made up $126 million. Notably, more than 80% of liquidations involved short positions.

Bitcoin exchange-traded funds (ETFs) recorded $225 million in inflows on Tuesday, marking a second day of gains. This brings inflows to nearly $1.5 billion since last week.