Bitcoin nears $100,000 mark as Crypto market rebounds

Bitcoin surged past $99,000 on May 7, hitting its highest level in nearly three months and edging closer to the key psychological threshold of $100,000.

The rally marks a significant rebound from early April, when the cryptocurrency briefly dropped below $75,000 following a sharp sell-off in equity markets triggered by U.S. President Donald Trump's remarks about imposing new trade tariffs, Caliber.Az reports per foreign media.

Since that low, Bitcoin has gained around 30%, according to Russian outlet RBC. As of 11:05 Moscow time, Bitcoin was trading at $99,383 — just 9% below its all-time high of $109,000 recorded on 20 January.

Ethereum, the second-largest cryptocurrency by market capitalisation, also posted strong gains, climbing 5% over the past 24 hours to trade above $1,900. The broader crypto market saw similar momentum, with all top-100 digital assets registering positive movements.

Several tokens jumped by more than 10%, helping to push total crypto market capitalisation back above the $3 trillion mark.

According to data from Coinglass, over $200 million worth of short positions were liquidated in the past day, with nearly half of that total stemming from bearish bets against Bitcoin.

By Aghakazim Guliyev