On the night of February 26, 2026, the price of Bitcoin exceeded the $70,000 mark for the first time in a long period; however, it soon retreated to around $68,000. Over the past day, the value of the first cryptocurrency increased by nearly 6%, which led to heightened activity in the cryptocurrency market.
This is reported by Business • Media
Altcoin Growth and Massive Liquidations
Alongside Bitcoin, other digital assets also saw increases. Among the top 10 cryptocurrencies by market capitalization, Ethereum showed the largest growth, briefly surpassing $2,100, representing approximately a 10% daily increase.
Against this backdrop, the futures market recorded liquidations totaling over $500 million. In total, liquidations affected more than 133,000 traders, with the majority of losses stemming from short positions—around $469 million. Long positions faced liquidations exceeding $102 million. The largest losses were incurred by those trading Bitcoin ($231 million) and Ethereum ($202 million).
“Amid rising prices for crypto assets, the volume of liquidations in the futures market exceeded $500 million. Liquidations affected over 133,000 traders, with most of them losing funds due to short positions.”
Influencing Factors: Lawsuits and Market Dynamics
Analysts note that one of the triggers for the increase in Bitcoin’s value may have been a lawsuit against Jane Street, a company suspected of insider trading. Commentators on social media suggest that the firm employed an algorithm for daily Bitcoin sales, which could have influenced market dynamics. Although there is currently no public evidence of systematic sales at specific times, the coincidence of the lawsuit news and subsequent price increase fueled such assumptions.
The lawsuit against Jane Street was filed by the liquidator of Terraform Labs. The complaint alleges the possible use of non-public information by the company for transactions related to the collapse of the Terra ecosystem.
Additionally, the market sentiment was influenced by investors’ reactions to Nvidia’s financial results. Although the quarterly reports exceeded expectations, this did not ensure sustained market growth.
Noted crypto trader and analyst Michaël van de Poppe pointed out positive signals for Bitcoin. According to him, a strong bullish divergence relative to gold is observed on the daily chart, which could indicate a potential rotation and further growth of the asset in the near future.
Earlier on-chain metrics also signaled the end of miner capitulation, further supporting optimistic expectations for the future of the cryptocurrency market.