Bitcoin surges past $68K as Circle jumps 28%, fueling surge in crypto stocks

Bitcoin surged more than 6% on Wednesday, climbing past $68,000 as a broader crypto rebound swept through the market.

The rally lifted major altcoins, with Ethereum rising nearly 11% to around $2,050, Solana gaining 11% to $88, and XRP advancing 7.5% to near $1.45. Filecoin led large-cap gainers, up 23% in the past 24 hours, followed by Polkadot at 22% and Aptos at 19%.

The move coincided with strength in equities. The S&P 500 gained 0.7% by midday, while the Nasdaq rose 1%, signaling renewed correlation between crypto and traditional markets after a period in which digital assets moved largely in isolation and primarily to the downside.

Commodities also advanced, with gold up 1.3%, surging past $5,200, and silver surging 4.2% to reclaim the $90 level.

The rally triggered nearly $80M in liquidations in the past hour and more than $429M over the past 24 hours, the majority tied to short positions, according to Coinglass data.

Crypto-related equities followed spot prices higher after Circle reported earnings that beat expectations earlier in the day.

Circle shares jumped more than 28%, while Coinbase gained 13%, Figure rose 12%, and Galaxy advanced 8%. Crypto treasury companies also moved higher, with Strategy up 8%, BitMine up 12%, and SharpLink up 12%. Miners posted gains as well, with WULF up 5%, MARA up 9%, and CleanSpark up 4%.