[New York Crypto Market Update] Bitcoin Surges 5.5%, Approaching $94K Milestone Amid SEC Leadership Change

# Bitcoin Soars 5.5% to Break $93,000 Following Key Regulatory Change Bitcoin (BTC) experienced an impressive 5.5% rally on the 23rd, surpassing $93,000, as per data from Binance. This surge is largely due to Paul Atkins assuming the role of the 34th Chairman of the U.S. Securities and Exchange Commission (SEC). Prominent altcoins such as Ethereum (ETH), XRP (XRP), and Solana (SOL) also saw gains, averaging nearly 10%. Atkins' leadership marks a significant shift for the cryptocurrency sector, which thrived under former President Donald Trump. Strong trading activity and inflows propelled the total cryptocurrency market capitalization up by 5.89% in a day, nearing the $3 trillion milestone. Bitcoin is currently priced at $93,531, reflecting a 5.61% increase in the past 24 hours. The cryptocurrency surged from $88,000 to peak at $94,391 intraday, with daily trading volume jumping by 60%. # Altcoins Ride Bitcoin’s Bullish Wave Bitcoin's rally positively impacted the broader altcoin market. Ethereum (ETH) climbed to $1,816, while XRP (XRP) surged by 8% to $2.296. Solana (SOL) broke past $150, recording a 9% rise. Major altcoins like Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), and Dogecoin (DOGE) also posted average gains exceeding 10%. This positive momentum extended interest to mid-cap altcoins such as Uniswap (UNI), Aave (AAVE), and Ondo (ONDO), making them attractive options for investors. # Top Gainers and Losers of the Day DeepBook (DEEP) led the gains with a massive 75% surge, followed by ImmutableX (IMX) at 38% and Sui (SUI) at 25%. CoinMarketCap reports the 24-hour global cryptocurrency trading volume at $139.24 billion, with total market capitalization growing by 5.89% to $2.93 trillion. # Historic Short Liquidation Since 2022 Amid the heightened market activity, the crypto sector witnessed the largest short liquidation since October 2022. Coinglass data shows that around $300 million worth of Bitcoin short positions were liquidated in the past 24 hours. Total market liquidations reached $650 million, with $565 million from short positions. Rick Maeda, an analyst at Presto Research, described this event as "the largest short liquidation scenario since October 2022." He noted that over $156 million in Bitcoin shorts were liquidated on Bybit, where funding rates remained under 2%. Maeda indicated that this was driven by "massive directional bets" or "strategic attempts to exploit inter-exchange price disparities" rather than chaotic arbitrage trading. This event was a classic short squeeze, where short-selling traders had to buy back assets to limit losses amid rising prices, further boosting the rally. "Stop-loss orders and margin calls added to the volatility, with relatively thin liquidity compared to prior bull-market peaks amplifying price swings," Maeda explained. # Bitcoin’s Relationship with Gold Pat Zhang, Head of Research at WOO X, pointed out Bitcoin's recent correlation with gold prices as it hit new highs. Zhang noted that rising global economic uncertainty shifted investments toward gold and gold-backed assets, which in turn influenced Bitcoin. This highlights the increasingly interconnected dynamics between cryptocurrency and traditional asset markets. Additionally, Bitcoin’s Fear & Greed Index surged from 29 to 72 within a week, signaling a change in market sentiment from "fear" to "greed." On the decentralized prediction market Myriad, users predicted an 80% chance that the index would stay above 55 until April 24. Adding to the excitement, rumors have emerged about Cantor Fitzgerald planning a $3 billion Bitcoin purchase, indicating growing institutional interest in the market.