Bitcoin Surpasses $39,000 Threshold Amidst Market Volatility
BTC Hits $39,300, But Volatility Strikes
Amidst a wave of market volatility, the price of Bitcoin, the world’s largest cryptocurrency, surpassed the $39,000 threshold for the first time since May 2022, reaching $39,300 at the time of writing this article. However, the digital currency instantly saw a dramatic spike to $39,700 on Binance, indicating the fluctuating nature of the market.
Rise in Bitcoin Price Following FED Chairman’s Speech
The latest surge in Bitcoin’s price came after Federal Reserve Chairman Jerome Powell’s speech on Thursday. His remarks raised hopes that interest rate cuts might occur earlier than expected. Additionally, there is speculation that the Securities and Exchange Commission (SEC) will approve a Bitcoin spot exchange-traded fund (ETF) in January, with a high probability, further boosting investor confidence in the cryptocurrency market.
Market Liquidations and Bitcoin’s Volatility
Following the sudden spike in Bitcoin’s price, there was a substantial liquidation of $53.46 million in the cryptocurrency market in the last hour. Surprisingly, $51.46 million of these liquidations occurred in short positions, reflecting the speculative nature of the market.
According to data, the total liquidation amount for BTC was $24.13 million, $20.66 million for ETH, and $1.27 million for SOL. Other altcoins also experienced liquidations in smaller amounts, reflecting the overall market volatility.
Ethereum Surpasses Bitcoin in Price Surge
In addition to Bitcoin’s 1.5% price surge in the last hour, Ethereum saw an even more significant increase, with its price rising by 1.84% to reach $2,160 at the time of writing.
Market Uncertainty Persists
The market volatility and sudden price movements underscore the uncertainty that continues to permeate the cryptocurrency market. Investors are advised to exercise caution and conduct thorough research before making any investment decisions in the volatile market.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Investors are encouraged to seek professional financial advice before making any investment decisions.
Sources:
[1] https://cnews24.ru/uploads/f7e/f7e7f38004ca524d09ab2e0fd5ee96127b424f27.png
[2] https://cnews24.ru/uploads/f26/f2626528d77eb3d83429f197aef27f644d73321d.jpg
