Bitcoin’s price is on the rise again, showing resilience even as stock markets stumble. This upward movement has prompted a flurry of activity among traders who had placed bets against Bitcoin, compelling many to close out their short positions.

Looking at the numbers, data from CoinGlass, a leading provider, reveals that over the past day, a significant $97 million in Bitcoin short positions have been liquidated. Extending this trend across the entire cryptocurrency market, investors have closed short positions totaling nearly $180 million.

Currently, the price of Bitcoin, the king of crypto by market capitalization, is hovering around $86,800. This represents a 2.7% gain over the last 24 hours, according to CoinGecko, a crypto market data aggregator. Bitcoin had briefly surged to over $88,200 shortly after U.S. markets opened – marking its highest point since late March. While it has since slightly pulled back from that peak, it remains comfortably above the $75,000 mark it had dipped to earlier this month. That earlier dip happened as market anxieties grew over U.S. President Donald Trump’s unpredictable trade policies and broader economic uncertainties, causing investors to shy away from assets considered riskier.

It’s not just Bitcoin seeing this trend; traders who were shorting Ethereum, the second-largest digital asset by market value, have also been busy closing their positions. Over the past 24 hours, over $26 million in Ethereum short bets have been covered.

Ethereum is currently trading around $1,624, showing little change over the last day. However, this flat performance is actually a sign of relative strength, considering its recent struggles. Ethereum has actually declined by more than 20% in the past month, contrasting with the gains seen by Bitcoin and Solana during the same timeframe.

Looking at other cryptocurrencies, Solana experienced a slight dip of more than 1% on Monday. On the brighter side, Dogecoin, the eighth-largest cryptocurrency, saw a rise of about 2.4%, while XRP edged up by just 1% amidst the generally lively market conditions.

Across the broader market, U.S. stocks were in the red on Monday morning in New York, with the Dow Jones Industrial Average, S&P 500, and Nasdaq all down by roughly 3%. Interestingly, gold, often seen as a safe-haven asset, continued its recent trend of hitting new highs, trading at over $3420 per ounce.

Historically, Bitcoin and the crypto market in general have tended to move in sync with stocks. However, lately, we’re seeing indications of a potential shift, with Bitcoin starting to behave more like a “risk-off” asset, moving independently of traditional stock market trends.

President Trump’s second term, which began in January, has been marked by market volatility. His administration’s on-again, off-again approach to global trade tariffs, particularly the escalating tariffs on China (which have been met with reciprocal measures), has created uncertainty and unease in the markets.

Adding to the market jitters, Monday’s stock sell-off followed President Trump’s public criticism of Federal Reserve Chair Jerome Powell, labeling him a “major loser.” Just last week, President Trump voiced his displeasure that Powell hadn’t lowered interest rates quickly enough and even threatened to replace him. This unprecedented level of presidential interference with the Federal Reserve has many analysts concerned that such actions could further destabilize markets and potentially trigger an economic downturn.

Edited by James Rubin