Leading cryptocurrencies surged Tuesday after the SEC under President Donald Trump launched a dedicated cryptocurrency task force.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:00 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | +4.61% | $105,950.10 |
| Ethereum (CRYPTO: ETH) |
+3.83% | $3,353.90 |
| Dogecoin (CRYPTO: DOGE) | +3.45% | $0.3707 |
What Happened: Bitcoin sailed above $107,000 during U.S. afternoon hours, following Day 1 of Trump’s presidency, which made no mention of cryptocurrencies.
Profit-taking pulled the apex digital asset to the $105,000 zone in overnight trading.
Ethereum also made strides, rising to an intraday high of $3,360.
The recovery coincided with the formation of a dedicated task force by SEC’s Acting Chair, Mark Uyeda, intending to develop a clear regulatory framework for the cryptocurrency industry.
The uptick hit traders betting on price declines in futures markets, with about $133 million in short positions getting liquidated.
Bitcoin’s Open Interest jumped 4.71% in the last 24 hours. An increase in Open Interest, coinciding with an increase in the spot price, indicated an influx of new money into the derivatives.
That said, the number of traders shorting Bitcoin rose in comparison to those betting on a price increase, according …
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