Bitcoin Shatters $80,000 Barrier Amid Massive Short Liquidations

Bitcoin has broken through the $80,000 barrier as Ethereum and XRP surged by over 4% in value. The sudden price increase is attributed to a massive liquidation of shorts worth over $170 million within just 60 minutes.

Scott Melker, host of The Wolf of All Streets podcast, pointed out that Bitcoin's ability to hold its ground at $78,000 despite a rate hike and the defeat of the CLARITY Act is itself a significant signal. 'I told you in my opinion that we had likely bottomed because bad news stopped mattering,' Melker said.

Market commentator Ash Crypto highlighted that the Federal Reserve will inject $16.5 billion into the economy starting this Friday, with liquidity expected to hit markets over three consecutive weeks.