Bitcoin Hits $30K For The First Time In 10 Weeks
By Kapil Rajyaguru
Bitcoin’s price surged above $30,000 for the first time since early August, possibly due to speculations about the approval of a spot BTC ETF in the US. This has led to a large number of liquidated short traders. Bitcoin’s price has been on a roll for the second time this week, with the first being fueled by a false report about a spot ETF approval. BTC initially stood at around $28,000 but rose to above $29,000 before reaching a 10-week peak at $30,300.
BTC is up 5%, reaching nearly 52% market dominance, despite being below the $30,000 line.
Ether is up by almost 3%, trading above $1600 mark.
Altcoins like XRP and SOL have also seen significant gains, with XRP surpassing $0.5 and SOL reaching a multi-week peak at $27. These price movements have caused significant pain for over-leveraged short traders, with liquidated positions reaching over $100 million, with short trades accounting for 80% of the total amount.
Stocks, on the other hand, slid lower after Federal Reserve Chair Jerome Powell signaled that the central bank is committed to “higher for longer” interest rates, which led to a spike in the U.S. 10-year Treasury to 5% late on Thursday, its highest level since July 2007.
The threat of escalation in the Israel-Hamas conflict also exerted negative pressure on equities to close out the week as Israel’s defense chief hinted that a ground assault on Gaza could begin as soon as this weekend.
The global crypto market cap is $1.12T, a 2.84% increase over the last day. The total crypto market volume over the last 24 hours is $50.3B, which makes a 26.50% increase. The total volume in DeFi is currently $2.68B, 5.33% of the total crypto market 24-hour volume. The volume of all stable coins is now $46.72B, which is 92.87% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.56%, an increase of 0.31% over the day.
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