Bitcoin has reacted positively to the Fed's decision to reduce interest rates on Wednesday. Its bullish move, however, has not favored all traders
Bitcoin’s bullish move has not favored all traders, as some with short positions have been liquidated in the past 24 hours. CoinGlass reports that BTC’s sudden uptrend has led to liquidations worth more than $74 million since Thursday. Furthermore, the company says short traders who had positions in other cryptocurrencies have collectively lost nearly $79 million.
For starters, short positions are those opened by crypto traders who believe that the price of a particular digital currency will go down in the near future. If the crypto’s price goes up, and the traders lack sufficient margin, their positions get liquidated.
Bitcoin, the largest cryptocurrency by market cap ($1.25 trillion), is trading at $63,657 after rallying 2.5% in the past day. The coin has added 10.7% to its value this week.
Meanwhile, CoinGecko’s data shows that BNB has recorded 24-hour gains of 2.7% and now trades at $571. Solana, on the other hand, is up 8.2% to $150. Notably, it has surged 11% this week. Moreover, Ethereum and Dogecoin are up 4.6% and 2.3% to $2,544 and $0.1067, respectively.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
