Just days after receiving major blows from the US Federal Reserve and the Senate, the price of bitcoin suddenly shot up a few thousand dollars and surpassed $80,000 for the first time in over ten days.
Altcoins followed suit, with ETH surging above $2,550, while XRP climbed to over $1.35. Naturally, liquidations are increasing.
Recall that the main cryptocurrency fell to $75,000 on Tuesday evening after the setback of the CLARITY Act in the US Senate. Although the asset defended this area, more volatility occurred a day later when the Fed raised rates for the first time since July 2023.
However, BTC rebounded almost immediately after the initial shock and rose above $76,000. It continued to fluctuate over the next few days, but the bulls seemed to be in control. Today’s decision by the Bank of Japan to raise rates to their highest level in 31 years was welcomed by the cryptocurrency, which surged to just over $78,000.
It sat there for hours before going on the offensive a few minutes ago, climbing to over $80,000. This level was last crossed on September 7.
Most altcoins have also seen substantial gains of 2-3% over the past few hours. 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 saw slightly more modest gains.
Data from CoinGlass shows that $192 million of overleveraged positions were destroyed in the last 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 basis, the numbers are even higher, with $450 million destroyed. $390 million came from shorts. In total, more than 100,000 traders were wiped out during this period.
Bitcoin price suddenly exceeds $80,000, leaving $180 million in shorts liquidated. It appeared first on CryptoPotato.