Trump says ‘through the roof’ as $470M in shorts get liquidated originally appeared on TheStreet.
There is a special relationship between President Donald Trump and the crypto market that one can't deny.
On July 10, Trump hailed the crypto market for hitting "through the roof." Bitcoin, which had for the first time surpassed the $112,000 mark the previous day, hit a new record high of $113,833.84 within a few hours.
Trump wrote on Truth Social that along with crypto, the stock market and Nasdaq have hit all-time highs. He credited his tariff policy for the surge in the markets and asked the Federal Reserve to quickly slash interest rates. He added:
"CRYPTO, “Through the Roof.”"
As per the on-chain analytics platform Coinglass, more than $470 million in short positions were liquidated within a 24-hour period preceding 10:07 am EST. This was a few hours before Bitcoin hit the new record high.
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When crypto traders short positions in Bitcoin, they are hoping for its price to fall. Short sellers borrow Bitcoin to sell it and hope to buy it back when its price dips.
But when Bitcoin's price goes up, they will lose money. So, they begin panic selling to avoid a loss in such a situation. Next, they are forced to buy Bitcoin to close their positions.
As this cycle continues, it leads to a further price rally. Data from Coinglass suggests this is what happened a few hours back.
Crypto exchanges Binance and Bybit accounted for the highest volume of liquidations, data shows.
The long-term factors behind Bitcoin's price rally are more regulatory clarity, institutional adoption by traditional giants such as BlackRock (NYSE: BLK), and BTC treasury strategies by companies like Strategy (Nasdaq: MSTR).
As per Kraken's price feed, Bitcoin was trading at $113,610.23 at press time.
Trump says ‘through the roof’ as $470M in shorts get liquidated first appeared on TheStreet on Jul 10, 2025
This story was originally reported by TheStreet on Jul 10, 2025, where it first appeared.
