Dogecoin leads crypto rebound with gain above 15%

Asian stocks advanced as enthusiasm for artificial intelligence lifted chipmakers. Meta's Muse agent gained traction, and AMD briefly surpassed $1 trillion in market value. Dogecoin rose more than 15% to just above 10 cents during Tuesday Asian morning hours, the largest gain among major tokens, according to CoinDesk data. Bitcoin held just above $85,600 and was flat over the past hour after gaining roughly 5% over 24 hours. Most of Bitcoin's 24-hour move came from traders being forced out of bets against it. More than $1 billion in crypto positions were liquidated over the past day, according to CoinGlass. Short sellers accounted for $844 million, or 82%, of the liquidations. Roughly 135,000 traders were closed out. A short position profits when an asset's price falls. Traders who borrow an asset to open a short position must post collateral. If the price rises enough that the collateral no longer covers the loss, the exchange buys the asset back on the trader's behalf. That buying can lift the price and push other short positions past their liquidation thresholds. Bitcoin accounted for about $608 million of the day's liquidations, while ether accounted for $181 million. The largest single liquidation was a nearly $21 million bitcoin position on Hyperliquid.