Bitcoin Spikes to $66,800, Reaching Highest Level Since June
Yet another astonishing achievement was made by Bitcoin, as it jumped over $66,000, the price at which it conquer last time at mid-June when it was at $67,000. Bitcoin is currently traded at $66.670 with a 4.7% hike in the last 24 hours though a robust recovery in the crypto area was visible.
Ethereum and Solana Break Key Levels
Led by the fine show of Bitcoin, Ethereum (ETH) has crossed the threshold of the $3,500 mark, 3% upwardly, while Solana (SOL) is also turning up at $170. Furthermore, up to 8% is the increase of Solana. The positivity that stems from the activity in these leading altcoins shows there indeed are more buyers in the market, which indicates an extended uptrend in the cryptocurrency space.
Other Altcoins Also Show Positive Trends
Good vibes are not limited to the big names only, as the bullish outlook extends on other major altcoins. The biggest winners were Binance Coin (BNB) by 4.9%, Dogecoin (DOGE) by 4.5%, and Cardano (ADA) by 3%. This rally, seen in the entire sector, is materialized through the increasing confidence of investors in the cryptocurrency industry.
Bitcoin Rises Amid Global IT Outage
The recent price rise of Bitcoin is just a small part of the bigger picture as it has been happening at the same time with the major global IT outage. Air travelers, bank customers, media firms, and others were disrupted in the aftermath of a software update performed by the cybersecurity company CrowdStrike. The event emphasized the virtues of Bitcoin as a decentralized and resilient asset and it prompted a new wave of investors and money.
Shorts Suffer as Bitcoin Price Surges
A surge in prices of Bitcoin has been causing a whole series of short positions liquidations. Within the last one hour, short sellers liquidated more than $6 million of BTC, while there were only $79,700 of long positions. Only in the last couple of hours, the bearish position on bitcoin that wiped more than $12 million while the bull’s position, the long orders stood at $1.6 million.
Broader Market Sees Significant Short Liquidations
The broader market has witnessed liquidations of shorts worth more than $30 million in the four hours that have gone by, which has beaten the bearish nature of longs by the way of a $5.3 million liquidation. Short positions rose as Bitcoin traded around $63,000, which Santiment researchers have mentioned earlier. The subsequent price rise to $66,800 has led to substantial liquidation of these bearish bets.
The consequences of the recent events imitate the capricious state of the cryptocurrency market where immediate increment of the prices may mean big savings to some traders and huge losses to others. The market climate demands that the traders should continue to be on the alert in the case of the next potential driving factor of demand for Bitcoin and other cryptocurrencies.
