Two main factors are at the forefront of the market’s overall rise: the growing likelihood that the Fed will cut interest rates in December and optimistic expectations for peace in the Russia-Ukraine war.
As the likelihood of a Fed interest rate cut in December increases, international news suggesting a possible easing of geopolitical tensions between Russia and Ukraine has fueled buying in crypto assets. This sentiment has boosted not only Bitcoin but also many major altcoins.
Related News: Analysis Firm Reveals Four Altcoins It Claims Are “Undervalued”
Bitcoin (BTC) is currently trading at $90,220, up 2.85% in the last 24 hours and approximately 1.30% in the last seven days.
Ethereum (ETH) also benefited from the recovery, reaching $3,034, up 2.83% in the last 24 hours. The weekly increase of 5.21% is noteworthy among major altcoins.
The rapid market recovery has hit short positions in the last 24 hours. Total liquidation reached $317 million, with $219 million coming from short positions and $98 million from long positions.
*This is not investment advice.
Continue Reading: Bitcoin (BTC) Price Experiences Sudden Surge – Here’s the Reason Behind the Rise and Latest Data
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