Bitcoin Short Sellers Caught Off Guard in New White House Move

Over $530 million in Bitcoin short positions were liquidated today after the White House nominated pro-Bitcoin Kevin Warsh as Federal Reserve Chairman, triggering a broad crypto market rally. Coinglass data showed nearly $30 million in short positions blown out in the last hour as traders betting against BTC and ETH were squeezed and forced into buybacks.

Bitcoin reclaimed the $73,000 level and was trading at $73,413 as of this writing, up about 9% in the past 12 hours and adding roughly $123 billion to its market cap. Ethereum climbed about 11% over the same period, adding around $26 billion. The policy catalyst came from Washington: the White House officially nominated Kevin Warsh, a former Federal Reserve governor viewed as sympathetic to digital assets, to serve as Fed Chair for a four‑year term.

The announcement read: “Kevin Warsh, of Florida, to be Chairman of the Board of Governors of the Federal Reserve System for a term of four years.

United States, Florida

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