Bitcoin surges to $70,000! Ethereum breaks through $2,140 and pulls back, "shorts liquidated for $473 million" Nvidia earnings boost US stocks higher

Bitcoin surged sharply since last night, rising from $65,000 to a high of $70,048 before quickly falling back to $68,439. Ethereum also rallied from $1,900, briefly breaking through the $2,148 level, then pulling back to around $2,058. Over $473 million in short positions were liquidated, suffering a massive wipeout. Meanwhile, NVIDIA’s latest quarterly earnings significantly exceeded market expectations, with optimistic outlooks likely to boost Asian stock markets on Thursday.

(Previous summary: Bitcoin dropped below $73,000, Ethereum held firm above $2,100, over 170,000 traders were liquidated, totaling more than $750 million.)

(Background: Will Bitcoin go up or down next? A clear look at bullish and bearish arguments.)

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• Short sellers wiped out, $473 million evaporated overnight
• NVIDIA earnings explode, booming AI demand boosts market confidence
• Asian stock markets open with gains

Bitcoin launched a fierce rally around 7 p.m. last night, climbing from $65,000 all the way up. The bullish momentum was unstoppable, pushing prices up over $5,000 within just ten hours. In the early morning hours, around 5 a.m., BTC briefly hit $70,048, surpassing the psychological $70,000 mark. However, the rally couldn’t sustain, and within minutes, prices quickly retreated, currently at $68,439.

Ethereum also rebounded, rising from $1,900 last night and briefly breaking through the $2,148 level. Like Bitcoin, ETH failed to hold the high and has since fallen back to around $2,058 for consolidation.

Short sellers wiped out, $473 million evaporated overnight

This rapid rally caught many short traders off guard. On-chain data shows that over the past 24 hours, liquidations of short positions reached $473 million, one of the largest recent liquidation events. Bulls seized the opportunity, breaking through multiple large short orders, triggering a chain reaction of liquidations, further pushing the price above $70,000.

It’s worth noting that despite heavy losses for shorts, Bitcoin quickly retreated after hitting $70,048, indicating significant selling pressure above $70,000. Whether the market can challenge this level again in the short term depends on whether bulls can sustain enough buying support.

NVIDIA earnings explode, booming AI demand boosts market confidence

Beyond the crypto market’s own bullish and bearish battles, positive news from traditional finance also injects confidence into risk assets. NVIDIA announced its fiscal Q4 2026 earnings after the US market closed, with all metrics surpassing Wall Street expectations:

• Revenue of $68.1 billion, up 73.2% year-over-year
• EPS of $1.62, up 82% YoY
• Data center revenue of $62.3 billion, up 75%, accounting for over 91% of total revenue
• Next quarter guidance of $78 billion, up 77% YoY

This impressive report alleviates recent concerns about whether AI valuations have detached from fundamentals. NVIDIA’s signals suggest that large-scale AI infrastructure development remains on track, potentially supporting the entire semiconductor supply chain’s profitability and providing new growth drivers for Asian chipmakers like TSMC and Samsung.

Asian stock markets open with gains

Benefiting from strong US stock performance and NVIDIA’s optimistic outlook, Asian markets are expected to open higher on Thursday. Over the past few weeks, global markets have been digesting AI’s long-term impact on business and the economy, creating uncertainty that has pressured tech stocks. NVIDIA’s earnings may bring some relief, rekindling investor confidence in AI infrastructure themes.

For the crypto market, a return of risk appetite in traditional finance is generally seen as a positive signal. Whether Bitcoin can hold above $68,000 and retest the $70,000 level or if this was just a fleeting spike remains to be closely watched in the coming sessions.