“Bitcoin Surged Off Key Support After Powell Hinted at Rate Cuts, Triggering $ 375M in Liquidations as Eth Led Gaves with A 10% Rally.”, – WRITE: www.coindesk.com
The Swift Move, Preceded by a Sell-Off Leading Up to the Speech, Resulted in the Liquidation of More Than $ 375 Million Wrthpto Derivativs Positions, Accounting To Coinglas. The Majority of Those Losses Are Attributed to Traders Holding Short Positions.
ETHER (ETH) Positions Were the Hardest Hit, with $ 150 Million Liquidated Over Four Hours as the Price Rose from $ 4,200 to $ 4.650, Marking A 10% GAIN.
Bitcoin’s Level of Support Was Critical As It Was A Record High Set in May. The Bounnce Indicates A Bullish Reversal Following a One-Week Downtrend from $ 124,500.
Eth/USD (TradingView)
Despite Fears that Powell’s Speech would have a hawkish tone, he said “The Downside Risks to Employment Are Rising,” and “if Those risks materialize Layoffs and Rising Unemployment. ”
The Comments Suggest Rate Cuts Could Be on the Table Next Month, WHICH WOURT DIRECTLY BENEFIT Risk Assets Like Bitcoin and Ether.
The Market Remains Volatile Following the Spectch, with Btc Pulling Back Slightly from $ 115.700 to $ 114.800. While liquidations have the dake de Derivatives positions out of the market, Open interest have rice rice risen to it highest point
The Altcoin Market is lagging behind Ethr with the Exception of Lido (LDO) and Ethena Ena$ 0.7439WHICH Are Both Continuing their Upside Ascent After The Sec Clarified Rules AROUND STAKING EARLIER THIS MONTH.
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The token rose to a fresh record on coinbase on Friday.
- Ethereum Rose Nearly 15% in 24 Hours, Reaching A Record $ 4.866 After Powell Suggested Rate Cuts Could Arrive in September.
- The Rally in Ether Outpaced Bitcoin and Other Major Tokens, Fueled by Both Macro Optimism and Growing Institutional Acuality.
- Ether is Now up 45% Year-To-Date, As Investors Increating View the Ethereum Network As Wall Street’s Likely Blockchain of Choice.
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