Bitcoin surges Ethereum and Solana reach significant milestones
Bitcoin has experienced a significant surge, surpassing $66,000 and reaching its highest point since mid-June when it was valued at over $67,000. In the past 24 hours, the price of Bitcoin has risen by 4.7%, reaching around $66,670. Ethereum has also seen an upward trend, surpassing $3,500, while Solana is trading above $170 with gains of 3% and 8% respectively.
Other alternative cryptocurrencies, such as BNB, Dogecoin, and Cardano, are also experiencing positive trading activity, with increases of 4.9%, 4.5%, and 3% respectively.
The recent increase in Bitcoin’s price coincided with a major IT outage, which led to discussions regarding the possibility of Bitcoin being included as a strategic national reserve for the United States. This surge in price was also influenced by disruptions caused by the IT outage, which affected airlines, banks, media outlets, and other global companies. The outage occurred after a software update by cybersecurity company CrowdStrike.
As the cyber outages highlighted the strengths of Bitcoin, the market responded with a fresh rebound. Additionally, there was a significant increase in spot ETF volume.
Short positions in Bitcoin suffered losses as a result of the surge in prices. In just one hour, over $6 million worth of Bitcoin shorts were liquidated, compared to only $79,700 in long positions. In the past four hours, bearish Bitcoin bets worth over $12 million were liquidated, while long positions amounting to around $1.6 million were liquidated.
In the broader market, over $30 million worth of short positions were liquidated in the past four hours, significantly surpassing long liquidations, which amounted to only $5.3 million during the same period.
Analysts at Santiment had previously observed an increase in short positions in the Bitcoin market when its price was below $63,000. As the price rose above $66,800, liquidations of short positions became more prevalent.
