Bitcoin Rises to $63,199 After Fed Cuts Rates, $74M Short Position Liquidated.

The Federal Reserve made a striking move by cutting interest rates by 50 basis points. This cut significantly boosted the crypto market after it reached a 23-year high. The leading digital currency Bitcoin rose to $63,199 after this decision. According to a report by CoinGecko, this represents an increase of more than 6% in 24 hours. The Federal Reserve’s move has created a favorable environment for riskier investments such as cryptocurrencies and technology stocks.

The crypto market has seen significant liquidations, making the situation even worse for traders with short positions. Short positions involve betting on the price of an asset to fall. According to CoinGlass data, $154 million worth of short positions were liquidated in various cryptocurrencies in the last 24 hours, including approximately $74 million in Bitcoin positions. This phenomenon has once again highlighted the volatile nature of the crypto market, especially when affected by major policy changes such as interest rate cuts.

Bitcoin’s rise in value has been echoed in the broader cryptocurrency market. Ethereum, the second-largest digital asset, has also seen significant gains. The price of Ethereum has increased by more than 6% in the past day, reaching $2,437. This price action has liquidated over $33 million in short positions targeting Ethereum. The correlation between the leading cryptocurrencies and the broader financial policy environment highlights the interdependence in the crypto market.

Historically, Bitcoin has shown significant volatility at certain times. The digital asset reached an all-time high of $73,737 in March, which was attributed to the approval of exchange-traded funds (ETFs) that gave traditional investors access to Bitcoin. However, Bitcoin has not been able to recapture this peak.

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