Following a sharp decline yesterday, the cryptocurrency market experienced a swift recovery. Bitcoin (BTC) rallied above $90,000 today after reaching as low as $81,000. Two key factors driving this bullish move are expectations of a possible Fed rate cut in December and optimistic news regarding the Russia-Ukraine war.
The likelihood of a Federal Reserve interest rate cut in December has encouraged investors to seek refuge in crypto assets. News reports suggesting potential easing of geopolitical tensions between Russia and Ukraine have further bolstered buying sentiment across the cryptocurrency market, benefiting Bitcoin alongside many major altcoins.
As of press time, Bitcoin is trading at $90,220, experiencing a 2.85% increase over the past 24 hours and a notable 1.30% rise within the last seven days. Ethereum (ETH) also saw gains, reaching $3,034, marking a 2.83% increase in the last 24 hours and a 5.21% weekly gain among major altcoins.
The market’s rapid rebound has led to significant liquidation activity in the past 24 hours, amounting to $317 million. Short positions contributed $219 million of this total while long positions added $98 million.
*This is not investment advice.*