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Bolstered by the U.S. service sector recording its fastest growth since mid-2022 and price indices falling to near one-year lows, U.S. stocks rallied, led by the technology sector. Bitcoin (BTC) surged strongly from $67K yesterday afternoon, briefly breaching $74K this morning—its highest level since early February.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/4af415992a9649a787e376a8a9b4286f.png">
<h2 id="risk-sentiment-returns-tech-stocks-lead-the-rally">Risk Sentiment Returns, Tech Stocks Lead the Rally</h2>
Although the timeline for military operations remains unclear, President Trump expressed confidence in military action against Iran. Following Tehran's attacks on Israel and Gulf nations, Israeli and U.S. forces fulfilled pledges to strike targets within Iran. Additionally, the U.S. sank an Iranian warship in international waters. Tehran refuted reports that it had contacted the U.S. to negotiate an end to the conflict, dismissing them as "pure lies."
Despite significant headwinds for risk assets due to war and concerns over artificial intelligence, Goldman Sachs' Peter Oppenheimer stated that economic strength and robust earnings mean any market pullback will be limited.
Two strong economic data points released on Wednesday also lifted investor sentiment. ADP data showed private sector job growth in February exceeded expectations. Furthermore, U.S. non-manufacturing growth last month beat forecasts, with inflationary pressures easing. Buoyed by these positive economic indicators, U.S. stocks rallied yesterday, driven by the tech sector.
<h2 id="bitcoin-briefly-tops-74k-network-wide-liquidations-near-600-million">Bitcoin Briefly Tops $74K, Network-wide Liquidations Near $600 Million</h2>
Bitcoin surged strongly from $67K yesterday afternoon, briefly breaking through $74K this morning, marking a high since early February.
The cryptocurrency market rose 6.42% within 24 hours, reaching a market capitalization of $2.48 trillion. Bitcoin's decisive break above the $70,000 mark triggered a massive short squeeze. Nearly $600 million in positions were liquidated over 24 hours, with short positions accounting for a staggering $480 million.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/e55ab870b87e4961a393cfc315b0f71a.png">
Crypto-related stocks outperformed the broader market rebound, with MicroStrategy (MSTR) rising over 34% and Circle (CRCL) up more than 5%.
So far this week (counting only two days), over $680 million has flowed into spot Bitcoin ETFs, indicating that investors are actively returning to the market.
Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.

[Bitop Review] Risk-On Sentiment Returns, Bitcoin Briefly Surpasses $74K

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