Hassan Maishera
TL;DR
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BTC is up 3.3% in the last 24 hours and is now trading above $95k per coin.
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The rally comes as U.S. inflation eased and political uncertainty around the Federal Reserve increased demand for non-sovereign assets.
BTC Reclaims $95k As Market Surges Higher
The cryptocurrency market is rallying higher in the last 24 hours, with Bitcoin and other major altcoins currently in the green.
Bitcoin, the leading cryptocurrency by market cap, is up by 3.3% in the last 24 hours and has now surpassed the $95k level. The rally comes as U.S. inflation eased and political uncertainty around the Federal Reserve increased demand for non-sovereign assets.
BTC’s surge to $95k was driven by lower inflation expectations, political tensions involving the Federal Reserve, and significant futures market liquidations.
With Bitcoin hitting $95k, altcoins are also rallying higher. Ether, the leading altcoin by market cap, outperformed Bitcoin, climbing over 6.6% to around $3,334, while major tokens, such as Solana's SOL, Cardano's ADA, XRP, and BNB Chain's BNB, moved as much as 9% higher.
The lower inflation reinforced expectations that the Federal Reserve will continue cutting rates this year. Lower inflation eased pressure on bond yields and improved liquidity conditions, a setup that has historically favored crypto and other risk assets.
Leveraged Traders Suffer Massive Losses
Data obtained from CoinGlass revealed that the rally resulted in massive liquidations in the market. Over $688 million in crypto derivatives positions were liquidated in the last 24 hours, with short sellers accounting for roughly $603 million of the total.
Nearly 122,000 traders were wiped out as prices accelerated higher, led by a $12.9 million ETHUSDT liquidation on Binance.
