Bitcoin Price Surges Past $80K as Altcoins Follow Suit
The Bitcoin price has made a sudden and unexpected surge past $80,000 for the first time in over ten days. This jump comes just a few days after significant blows from the US Federal Reserve and the Senate.
On Tuesday evening, Bitcoin's price slumped to $75,000 following the CLARITY Act setback in the US Senate. However, it quickly recovered and defended that zone before experiencing more volatility when the Fed hiked rates for the first time since July 2023.
The bulls appeared to be in control as the cryptocurrency rebounded almost immediately after the initial shock and went past $76,000. The price continued to fluctuate over the following days but made a significant jump today following the Bank of Japan's decision to increase rates to a 31-year high.
This has led to substantial gains for most altcoins, with Ethereum surging past $2,550 and XRP reaching over $1.35. Data from CoinGlass shows that $192 million worth of over-leveraged positions were liquidated in the past hour, with shorts responsible for more than $183 million.