On July 10, Trump praised the cryptocurrency market for 'surging'. Bitcoin, which first surpassed the $112,000 mark the day before, reached a new all-time high of $113,833.84 in just a few hours.
Trump wrote on Truth Social that along with cryptocurrency, the stock market and Nasdaq reached all-time highs. He claimed that his tax policies contributed to the market's growth and urged the Federal Reserve to quickly cut interest rates. He added:
"CRYPTO, "Breaking the roof."
According to the on-chain analytics platform Coinglass, over $470 million in short positions were liquidated within 24 hours before 10:07 AM EST. This event occurred just hours before Bitcoin reached a new all-time high.
When cryptocurrency traders short Bitcoin, they hope its price will fall. Short sellers borrow Bitcoin to sell and hope to buy it back when the price drops.
But when the price of Bitcoin rises, they will lose money. So, they begin to sell off to avoid losses in such a situation. Then, they are forced to buy Bitcoin to close their positions.
As this cycle continues, it will lead to another bullish rally. Data from Coinglass shows that this is exactly what happened a few hours ago.
Data shows that cryptocurrency exchanges Binance and Bybit account for the highest liquidation volume.
The long-term factors behind the Bitcoin rally are clearer regulations, the adoption by major institutions like BlackRock (NYSE: BLK), and the BTC treasury strategy of companies like Strategy (Nasdaq: MSTR).
According to Kraken's price source, Bitcoin is trading at $113,610.23 at the time of this report. Trump said 'surging' as $470 million in short orders were liquidated, first reported on TheStreet on July 10, 2025.$BTC