Bitcoin Breaks $70K as Ripple Joins White House Crypto Summit

A Devastating Hour for Crypto Bears

Bitcoin’s ascent this week has extracted a steep price from traders who bet against it. In just 60 minutes, exchanges liquidated $1.14 billion in short positions across the crypto market, with Bitcoin accounting for the lion’s share at $677.64 million. Ethereum followed at $422.90 million, while Solana saw $37.88 million of its shorts liquidated in the same period.

The largest single position to get wiped out was a $32.18 million Ethereum short on exchange Bitget. This hourly washout represents roughly 87% of the entire 24-hour short liquidation total, which reached $1.31 billion across more than 112,000 traders. The cascade of forced buy-backs—exchanges closing underwater short positions—creates a feedback loop that pushes prices higher, a phenomenon traders call a short squeeze.

Regulatory Catalyst and Market Timing

Bitcoin’s current rally coincides with two significant developments due Wednesday: a White House meeting between President Trump, top regulators, and executives from major crypto firms including Ripple, Coinbase, and Kalshi. Attendees will include SEC Chair Paul Atkins and CFTC Chair Michael Selig, signaling that the administration is actively shaping crypto market structure and oversight.

Ripple’s presence at the regulatory table underscores the company’s deepening integration into mainstream financial infrastructure. The summit addresses rules governing crypto markets at a critical moment, as investors watch both policy direction and Federal Reserve signals. The timing aligns with market psychology—softer Fed expectations and potential regulatory clarity have both contributed to the week’s bullish momentum.

Chart Patterns and the Path Forward

Bitcoin traded near $68,689 following the rally, up from $62,832 at the week’s start, marking a 9.3% gain. The token touched an intraday high of $69,749 and remains on track toward the $70,000 level, though it trades well below the record high of $126,000 reached in October 2025. The recent surge has recovered roughly 19% from a swing low of $57,735, showing Bitcoin’s resilience through 2026’s volatile trading environment.

This dynamic mirrors an April setup when Bitcoin crossed $75,000 and triggered over $600 million in short liquidations in a single day. Pattern-recognition traders are watching to see whether current momentum can sustain above key resistance levels or whether volatility will persist.

Source: Decrypt. Not financial advice.

Why it matters: Ripple’s seat at the regulatory negotiating table signals that crypto’s infrastructure layer—not just trading—is shaping policy, potentially creating a more favorable long-term environment for XRP and enterprise use cases.