Bitcoin Surges Over $28,000 in Unexpected Move
Bitcoin made a surprising move on Sunday evening, soaring over $28,000 for the first time since August 17. The cryptocurrency quickly added $800 in a sudden spike, bouncing off its resistance around $27,200. It is currently trading 4.4% higher at $28,271. The bullish move led to the liquidation of positions worth $47.4 million in the futures market, with the majority being short orders. This suggests that the price spike may have been driven by a short squeeze in the futures market.
Ethereum Follows Bitcoin’s Lead
Ethereum also followed suit, rising above $1,700 for the first time in five weeks. The surge in Ethereum’s price resulted in the liquidation of futures orders worth $28 million. Overall, the combined market cap of cryptocurrencies increased by 3.3%, adding close to $37 billion over the last 24 hours and reaching $1.16 trillion. The positive spike in crypto prices led to the liquidation of $114.9 million across the market, primarily from short positions.
Solana and Other Top Gainers
Solana futures recorded the third highest liquidation after Bitcoin and Ethereum, with liquidations worth $5.92 million. Solana also experienced significant gains among the top 100 crypto tokens by market cap, with a 13.5% increase overnight. Other top gainers over the last 24 hours included Thorchain, Bitcoin SV, and Render tokens.
Spooky Season Spurs Crypto Bulls
In addition to futures liquidations, positive sentiments in global markets may have been influenced by the U.S. government’s successful effort to avoid a shutdown by extending its funding for 45 days. The U.S. stock market futures opened with gains, and the VanEck Ethereum ETF launch also contributed to the positive sentiments. It is worth noting that Bitcoin’s price has historically surged in October, except during bear markets in 2014 and 2018.
Hot Take: Crypto Market Experiences Unexpected Surge
The crypto market saw an unexpected surge as Bitcoin and Ethereum experienced significant price increases. Bitcoin surpassed $28,000 for the first time since August, while Ethereum rose above $1,700 after five weeks. The surge led to the liquidation of positions in the futures market and resulted in a combined market cap increase of $37 billion. Solana and other top gainers also saw notable price increases. The positive sentiment in global markets, along with the anticipation of the VanEck Ethereum ETF launch, likely contributed to the crypto market’s bullish trend.
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