Bitcoin Surges Over $71K as Ether ETF Hopes Lead to $260M in Short Liquidations

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Some traders estimate ether values to hit $4,000 in the next days, with the likelihood of an ether ETF approval increasing to 75%.  

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Renewed prospects for ether ETFs launched in the United States drive the cryptocurrency market higher and liquidate negative short bets.  

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Bloomberg experts increased the approval probability to 75%, which boosted market sentiment.  

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Bitcoin (BTC) rose over $71,000 early Tuesday, reaching its highest level since early April,  

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while ether jumped more than 19% to $3,700 after Bloomberg analysts boosted the likelihood of a spot ETH exchange-traded fund (ETF) being approved in the United States to 75%.  

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Other heavyweights had relatively tiny gains, with XRP, Cardano's ADA, Solana's SOL, and dogecoin (DOGE) up 3-6%, according to CoinGecko data.

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The unexpected increase resulted in nearly $260 million in market-wide short liquidations, the most since February 28. According to Coinglass data, ether shorts lost more than $115 million, while bitcoin shorts lost slightly more than $99 million.  

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Binance, the largest cryptocurrency exchange, had almost $130 million in liquidations, followed by OKX with $118 million and Huobi with $51 million.  

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