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The cryptocurrency market moved higher Thursday after Bitcoin climbed above $74,000 for the first time in weeks. The breakout triggered large liquidations and lifted major digital assets. ETF inflows and easing geopolitical fears also supported the rally.

Bitcoin (BTC) traded near $93,000 after United States forces detained Venezuela’s president on drug trafficking charges. The legal case is in New York. The market focus is not the trial itself, but what could be taken with it.

Bitcoin shot up to $93,000 on Sunday evening as short positions collapsed across the market. More than $261.21 million in crypto liquidations hit within the past 24 hours, with $197.75 million coming from bearish bets.

The demand for Bitcoin (BTC) by institutional investors has surged exponentially in the past two years. The regulatory clarity in major jurisdictions, led by the United States, has increased institutional conviction in Bitcoin as a hedge against inflation and macroeconomic uncertainty.

The crypto market will have several major events this week. With the final FOMC meeting of 2025 on Wednesday, December 10, crypto traders are monitoring major crypto events they expect to fuel sharper swings in the days ahead.