Bitcoin just surged past $75,000. Derivatives seem to be driving the rally.

Bitcoin's move, led by unwinding of shorts, has lifted the broader crypto market, with the CoinDesk 20 Index up 5%. What to know : Bitcoin surged above $75,000 to a high of $75,800, breaking through a long-standing resistance zone that had capped rallies several times this year. The latest advance is being driven largely by traders unwinding bearish put-option hedges around $55,000 to $60,000, with second-order bullish effects adding to the momentum. Bitcoin's move has lifted the broader crypto market, with the CoinDesk 20 Index up 5% and major altcoins such as ether, XRP and solana also posting strong gains.