• Bitcoin’s price soared to its highest point in nine months and tapped $26,400 moments ago.
• This surge was due to somewhat positive CPI print, as well as hopes for a slowdown in terms of interest rate increases.
• The move caused a whopping $120 million liquidated in the past hour alone.
Bitcoin Surges Above $26K
Bitcoin’s price took for the skies, leaving a trail of liquidated short positions in the process. Bitcoin’s price soared to its highest point in nine months and tapped $26,400 moments ago. This happens on the back of somewhat positive CPI print, as well as hopes for a slowdown in terms of interest rate increases.
Positive CPI Print
As CryptoPotato reported earlier, the Consumer Price Index for all Urban Consumers increased by 0.4% and to 6% year-over-year. This sent a positive signal across the cryptocurrency market and saw Bitcoin surge above $25K on the announcement. It wasn’t an hour after that, though, when the price saw another impulsive leg up and reached almost $26.4K on Binance.
$120 Million Liquidated
Data from Coinglass reveals that the move caused a whopping $120 million liquidated in the past hour alone. The predominant part of the liquidations came from short positions.
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