Cryptocurrency markets surged in the last 24 hours with Bitcoin climbing above $69,000 and Ether gaining 18% to more than $2,250 as a broad-based rally gathered momentum.

Bitcoin rose nearly 8% over 24 hours to trade above $69,100, after briefly approaching $69,900 overnight. The move represented a rebound of more than $5,700 from Wednesday’s low of about $64,100.

Ether outperformed, rising about 18% in 24 hours and extending its weekly gain to roughly 20%, making it the strongest performer among major cryptocurrencies.

The rally extended beyond Bitcoin and Ether, with most major cryptocurrencies posting strong weekly gains. Crypto-related stocks also advanced as investors increased exposure to digital assets.

A sharp unwinding of bearish bets added to the rally.

Nearly $1.4 billion of short positions were liquidated as prices moved higher forcing traders who had bet on further declines to buy back assets to cover losses.

The surge also followed the U.S. Treasury’s decision to double its long-term bond buybacks to $4 billion, a move that has helped improve liquidity expectations and investor appetite for riskier assets.

The broad advance marks a sharp reversal from the weakness seen earlier in the week when Bitcoin traded near $64,000 and major tokens remained under pressure.

The rally suggests improving risk appetite across crypto markets although the scale of short liquidations means part of the move may have been amplified by forced buying rather than fresh demand alone.

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