Just a few days after receiving major blows from the US Federal Reserve and the Senate, bitcoin’s price suddenly skyrocketed by a few grand and topped $80,000 for the first time in over ten days.
The altcoins have followed suit, with ETH surging past $2,550, while XRP has rocketed to over $1.35. Naturally, the liquidations are on the rise.
Recall that the primary cryptocurrency slumped to $75,000 on Tuesday evening after the CLARITY Act setback in the US Senate. Although the asset defended that zone, more volatility ensued a day later when the Fed hiked rates for the first time since July 2023.
However, BTC rebounded almost immediately after the initial shock and went past $76,000. It kept fluctuating in the following days, but the bulls appeared to be in control. Today’s decision by the Bank of Japan to increase the rates to a 31-year high was well received by the cryptocurrency, which jumped to just over $78,000.
It remained there for hours before it went on the offensive minutes ago, skyrocketing to over $80,000. This level was last breached on September 7.
Most altcoins have marked substantial 2-3% gains over the past hours as well. Ethereum has seemingly reclaimed the $2,550 level after a 2.3% hourly jump, while XRP is above $1.35 after a 3% increase. SOL and BNB have marked slightly more modest gains.
Data from CoinGlass shows that $192 million worth of over-leveraged positions were wrecked in the past hour, with shorts responsible for more than $183 million. BTC holds the lion’s share ($119 million), followed by ETH ($36 million).
On a daily scale, the numbers are even higher, with $450 million wrecked. $390 million was from shorts. In total, more than 100,000 traders have been wiped out within this timeframe.
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The post Bitcoin Price Suddenly Rockets Past $80K Leaving $180M in Shorts Liquidated appeared first on CryptoPotato.
 The move was rather unexpected given the recent macro and industry developments. AA News, Crypto News, social, Bitcoin (BTC) PriceÂ
This articles is written by : Nermeen Nabil Khear Abdelmalak
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