Bitcoin (BTC) has been gaining strong bullish momentum in the last hour, rapidly rising from the $90,000 level to above $93,000.
Market experts say the key catalyst for this sudden rally is the expectation of a Fed interest rate cut tomorrow. Investors have revived their risk appetite due to the strong possibility that the US Federal Reserve could cut interest rates by 25 basis points.
The BTC price was trading at $93,149 at the time of the news, with a one-hour increase of 2.45% and a 24-hour increase of 3.77%. Bitcoin’s market capitalization rose to $1.86 trillion.
Bitcoin’s sharp rise has particularly targeted short positions on the futures side. Total liquidations in the cryptocurrency market reached $285.28 million in the last 24 hours, $208.39 million of which came from short positions. The liquidation of $133 million worth of short positions in just the last hour demonstrates the intensity of the surge.
The 24-hour liquidation distribution by asset was as follows:
- BTC: $118.75 million
- ETH: $69.44 million
- ZEC: $13.29 million
- LEFT: $10.54 million
Bitcoin’s rapid rise has also triggered a significant recovery in the altcoin market. Ethereum (ETH) saw a strong 4.16% increase in the last hour, reaching $3,273.99. With Bitcoin’s momentum, Ethereum’s market capitalization has also approached $395 billion, marking the most notable rise among altcoins.
XRP also gained 2.24% in the last hour, accompanying Bitcoin’s rise.
BNB rose 2.60% in the last hour, reaching $913. Dogecoin (DOGE) gained 2.76% in the last hour, reaching $0.1480. Solana (SOL) continued its momentum, rising 4.25% in the last hour, reaching $139.43.
Chart showing the rise in BTC price.*This is not investment advice.
Source: https://en.bitcoinsistemi.com/bitcoin-soars-sudden-surge-occurs-heres-the-reason-and-liquidations/
