In a significant market development, Bitcoin surged more than 4% to surpass the $95,000 mark, while Ethereum saw an even more robust increase, climbing over 7% to reach $3,330. This rally is largely attributed to recently released US inflation data that came in lower than anticipated, which has bolstered expectations that the Federal Reserve is likely to pursue further interest rate cuts throughout the year.
As investors reacted to the news, the cryptocurrency market experienced a substantial wave of liquidations. In a 24-hour period, over $688 million in crypto derivatives positions were wiped out, with the majority of these losses incurred by short sellers who bet against the market. This significant volatility highlights the dramatic shifts in investor sentiment and the potential for further fluctuations in the crypto landscape as market participants adjust their strategies in response to changing economic indicators.
