BTC - Bitcoin Ethereum Dogecoin Spike As Investors Anticipate An Interest Rate Cut: Analyst Highlights Final Hurdle For King Crypto Before 'Parabolic' Move | Benzinga
Leading cryptocurrencies edged higher as investors' expectations of interest rate cuts spurred investments in risk-on markets.
What Happened: Bitcoin topped $70,000 and broadly sustained the gains around the level, while Ethereum consolidated after its spike over $3,800. Previously, the two assets faced strong resistance at these levels.
The rally resulted in liquidations worth $97 million in the last 24 hours, with short liquidations accounting for 62%.
The brief surge was enough to catalyze the speculative markets. Bitcoin's Open interest surged 5.85% to an all-time high of $37 billion, reflecting the flow of fresh money into the market.
The number of traders taking bullish long positions on Bitcoin rose dramatically in the last 24 hours, with longs exceeding shorts by a factor of 1.36.
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