Bitcoin climbed back above the $62,000 level, sparking a broad rebound in major cryptocurrencies.

On July 2, Decrypt reported that total cryptocurrency liquidations over 24 hours surged to $602 million. Of that, short-position liquidations accounted for $400 million.

Bitcoin rose as high as $62,078, reclaiming $62,000 for the first time in a little over a week. Earlier in the week it fell below $58,000 to hit its lowest level in 21 months, but it quickly pared those losses. It was last at $61,808, up about 3 percent on the day and about 4 percent over the past week.

Altcoins also gained. Ether and solana rose about 5 percent each to trade around $1,701 and $81. Solana jumped more than 22 percent over the past week, the biggest gain among the top 10 cryptocurrencies by market value. XRP also rose more than 3 percent to $1.09.

Liquidations were larger in ether. Coinglass data showed ether liquidations at $187 million, slightly above bitcoin at $184 million. That short positions made up most of the liquidations suggests losses were concentrated among investors betting on declines.

The rebound came after comments related to the Federal Reserve on July 1. Fed Chair Kevin Warsh declined to answer whether there is a plan for additional rate hikes later this year. In interest rate futures markets, the chances of holding rates or raising them at the September meeting are seen as similar. CME FedWatch, however, reflects a 64 percent probability of some form of rate hike by the October Federal Open Market Committee meeting.

June employment data released the same day by the U.S. Bureau of Labor Statistics, under the Labor Department, also influenced markets. Employers reported 57,000 new jobs in June, far below the market estimate of 115,000. The May figure was also revised to 129,000.

Against that backdrop, markets are repricing macro indicators and the interest rate path. As bitcoin rebounded from a short-term low, the surge in short-position liquidations added momentum to the rise. Decrypt also reported that ether overtaking bitcoin as the top liquidation asset was another feature of the day’s derivatives-market moves.