Bitcoin Blasts Past $80K After Bank of Japan Hikes Rates

Bitcoin's price surged past $80,000 after a few days of fluctuations following major setbacks from the US Federal Reserve and Senate. The asset had plummeted to $75,000 on Tuesday evening after the CLARITY Act setback in the US Senate, but rebounded quickly and stayed above that zone. Today's decision by the Bank of Japan to increase rates to a 31-year high was well received by the cryptocurrency, which jumped to just over $78,000.

The price remained steady for hours before skyrocketing to over $80,000, a level last breached on September 7. This sudden move left $180 million in shorts liquidated, with $183 million of that amount coming from short positions. BTC holds the lion's share ($119 million), followed by ETH ($36 million).

The altcoins have also seen significant gains, with ETH surging past $2,550 and XRP reaching over $1.35. Ethereum has reclaimed the $2,550 level after a 2.3% hourly jump.