The post Bitcoin Surges to $63,199 Following Fed Rate Cut, $74M in Shorts Liquidated appeared on BitcoinEthereumNews.com.

Bitcoin saw a notable price increase following the Federal Reserve’s recent decision to reduce interest rates, significantly impacting the market. This surge led to a massive wave of liquidations, particularly affecting short positions within the cryptocurrency market. As a result, Bitcoin’s price has surged to $63,199, marking a more than 6% increase in the past 24 hours, per CoinGecko data. Discover how the Federal Reserve’s interest rate cut has influenced Bitcoin’s price and the broader cryptocurrency market, uncovering the ensuing impacts on traders and market trends. Federal Reserve’s Decision Boosts Bitcoin Price In a striking move, the Federal Reserve slashed interest rates by 50 basis points. This reduction, following a previous peak at a 23-year high, has substantially invigorated the crypto market. Bitcoin, the leading digital currency, responded with a notable price surge to $63,199. Within a span of 24 hours, this represents a more than 6% increase, as reported by CoinGecko. The Federal Reserve’s actions have catalyzed this rise, presenting a favorable environment for riskier investments such as cryptocurrencies and tech stocks. Impact on Short Positions in the Crypto Market The crypto market has seen significant liquidations, exacerbating the situation for traders holding short positions. Short positions involve betting on the price decline of an asset. In the past 24 hours, over $154 million worth of short positions were liquidated across various cryptocurrencies, including nearly $74 million in Bitcoin positions alone, according to CoinGlass data. This phenomenon underscores the volatile nature of the crypto market, especially when influenced by substantial policy decisions such as interest rate cuts. Ripple Effects Across the Crypto Spectrum The surge in Bitcoin’s value has had a ripple effect across the broader cryptocurrency market. Ethereum, the second-largest digital asset, also experienced a significant gain. Ethereum’s price rose over 6% in the past day to stand…

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Filed under: News - @ September 19, 2024 7:27 pm