Bitcoin Price Surpasses 39,000 Threshold
Bitcoin, the world’s largest cryptocurrency, has surpassed the $39,000 threshold for the first time since May 2022, reaching $39,300 at the time of writing.
Market Reaction to BTC’s Surge
Following this surge, BTC instantly spiked up to $39,700 on Binance, indicating a bullish market response.
Reasons Behind the Surge
The latest surge in Bitcoin’s price followed Federal Reserve Chairman Jerome Powell’s Thursday speech, leading to hopes of earlier interest rate cuts. Additionally, there is a growing anticipation for the approval of a Bitcoin spot ETF by the SEC in January.
Liquidations in the Cryptocurrency Market
However, following the sudden price increase, the cryptocurrency market experienced a total liquidation of $53.46 million in the last hour. Surprisingly, $51.46 million of these liquidations were from short positions.
Table showing the liquidations in the cryptocurrency market in the last hour.
The breakdown of these liquidations included $24.13 million for BTC, $20.66 million for ETH, and $1.27 million for SOL. Several other altcoins also experienced smaller liquidations.
Rise in Ethereum Price
Aside from Bitcoin’s surge, Ethereum also saw a significant increase, rising by approximately 1.84% in the last hour and reaching a price of $2,160 at the time of writing.
It is important to note that this information is not intended as investment advice, and individuals should carefully consider their investment decisions.
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Yahoo Finance.
