Hassan Maishera
TL;DR
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BTC is trading above $111k after dropping to the $109k region over the weekend.
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The market recovery has seen short traders lose $75 million over the last few hours.
BTC Recovers Above $111k
The cryptocurrency market has been volatile over the last few days, with Bitcoin and other major cryptocurrencies underperforming. Bitcoin dropped below $110k once again after topping $114k last week.
The world’s leading cryptocurrency spent most of the weekend trading around the $109k region. However, it has now slightly bounced back and is now trading above $111k per coin.
The volatile performance over the last few days comes as PCE inflation for August rose 2.7% year-over-year, aligning with forecasts. Meanwhile, core PCE excluding food and energy climbed 2.9%.
Analysts believe that the PCE data report reinforced the Fed’s narrative of gradually easing price pressures. The Fed Chair Jerome Powell recently stated that the apex bank has to be cautious when approaching interest rate cuts, as inflation is now where they need it to be yet.
Altcoins Also Recover
With Bitcoin trading above $111k, altcoins are also in the green. Ether, the leading altcoin by market cap, is up nearly 3% and is now trading above $4,100. XRP is targeting the $3.0 psychological level once again, while Solana has reclaimed $200.
Thanks to the improved performance, short traders lost $75 million over the last 24 hours. The total cryptocurrency market cap is up by $100 billion and now stands at $3.85 billion.
