From its recent slump below $58,000, Bitcoin (BTC) has emerged with a triumphant surge. This morning, the cryptocurrency soared past the coveted $60,000 milestone, igniting speculation of a breakthrough to the crucial $65,000 level. The rollercoaster ride of Bitcoin continues to captivate the world, with its unpredictable twists and turns keeping investors on the edge of their seats.
The recent surge in Bitcoin’s value has been attributed to a bold move by the Federal Reserve to maintain interest rates, citing concerns over rising inflation. This development has sparked excitement among analysts, who see it as a crucial factor in a potential market upswing.
The Federal Reserve’s decision to prioritize curbing inflation was highlighted, with a promise to hold off on any interest rate cuts until they are confident that prices are on a steady decline towards their desired 2% mark.
The central bank has made a bold move by maintaining their key rate at a record high for over twenty years. This decision, which has kept the rate between 5.25% to 5.5% since last July, is a strategic attempt to control economic growth and tackle the rising prices.
In their latest meeting, the Fed stood firm and chose to keep the key rate at a steady 5%, sending a clear message to the market.
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Amidst the chaos of the cryptocurrency market, Bitcoin (BTC) witnessed a sudden surge of over $24 million in short liquidations within a mere 24 hours. This unexpected turn of events came as the price of Bitcoin bounced back from a multi-month low, leaving traders on the edge of their seats.
Chaotic market fluctuations led to a staggering $33 million in Bitcoin (BTC) being liquidated, while the entire crypto market saw a massive $112 million in liquidations. Surprisingly, the majority of these liquidations (a whopping $70 million) were from short positions, as reported by Coinglass.