Bitcoin hits $66,000 as inflation eases, $9.67 million shorts liquidated
Bitcoin prices continued their rally this week, hitting an intraday high of $66,456 per unit at 10:35 a.m. ET on Friday, up 2.4% against the US dollar today and a solid 5% gain over the past seven days. Bitcoin surges to $66,456 after US PCE report Bitcoin crossed the $66,000 threshold on Friday, September 27, 2024, a notable increase since the US Federal Reserve’s first interest rate cut earlier this year. As of today, Bitcoin is trading at $66,234, with a market valuation of $1.3 trillion. Over the past 24 hours, Bitcoin has seen global trading volume of $39.65 billion. The rally came on the heels of the release of the US Personal Consumption Expenditures (PCE) report. Commenting on the PCE data, David Russell, Global Head of Market Strategy at Tradestation, said: “Weakness is spreading.” “Not only have the price index remained low, but so have personal incomes and spending. The inflation story could ease from here, given the recent decline in energy prices. These numbers underscore the Fed’s easing path,” he added.The drop in spending and income validates Powell’s recent shift to jobs.” Bitcoin’s recent surge has liquidated $9.67 million worth of short Bitcoin positions in four hours. A total of 72,219 traders have liquidated short positions in the crypto derivatives market in the past 24 hours, according to data from coinglass.com. Bitcoin is up more than 56% year-to-date, and up 151% against the US dollar over the past 12 months.
As Bitcoin’s momentum builds, broader economic indicators are shaping market behavior. As inflation slows and the Federal Reserve’s signals turn dovish, traders are navigating shifting market sentiment. These trends point to a potential pivotal moment for the crypto world, as price action increasingly aligns with macroeconomic factors.
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