Bitcoin Nears 76,000 on US Inflation Data, Easing Tensions

Bitcoin surged to its highest level since early February on April 14, reaching just shy of 76,000 as favorable U.S. inflation data and easing geopolitical tensions fueled a broad rally across cryptocurrencies. The leading digital asset climbed more than 5 percent in the past 24 hours and over 10 percent in the preceding week, pushing the total cryptocurrency market capitalization above 2.6 trillion.

Ethereum also posted strong gains, rising nearly 9 percent to around 2,384 and approaching the 2,400 resistance level. This performance lifted the ETH/BTC price ratio to its highest point since January, according to on-chain analytics firm Santiment. The ratio, which measures Ethereum's value relative to Bitcoin, has climbed amid Ethereum's price resilience and slower Bitcoin growth, signaling potential shifts in investor preferences toward alternative cryptocurrencies.

The rally triggered widespread liquidations in derivatives markets, with over 650 million in positions wiped out in the last day, per data from CoinGlass. More than 80 percent of those losses, totaling around 514 million, came from short sellers betting on price declines. Bitcoin accounted for 272 million in...