Bitcoin and Ethereum Stage Rapid Rebound After US CPI Data Release

The cryptocurrency market experienced a sudden and significant shift on Friday, after the US CPI data release. Initially, the numbers seemed to push all assets downward, but Bitcoin (BTC) quickly rebounded, surging from around $76,000 to almost $80,000 in a short period.

Ethereum (ETH), however, stole the spotlight with an impressive 8% surge on a daily scale and over 5% in the last hour alone. Its price reached $2,660 for the first time since late January before being pushed back slightly.

The rapid market moves led to a significant increase in liquidations, with CoinGlass data showing that over $250 million in shorts were wiped out in just one hour. This total value of liquidated positions increased to $660 million on a daily scale, affecting nearly 100,000 traders.