Crypto Market Sees $250M in Shorts Wiped Out in Hourly Price Surge

The cryptocurrency market has experienced a significant shift on Friday, with Bitcoin and Ethereum leading the charge. After initially slipping in response to US CPI data, which matched expectations, both assets rebounded swiftly. Bitcoin surged from $76,000 to nearly $79,000 within minutes, while Ethereum posted an impressive 8% surge on a daily scale.

Ethereum's price topped $2,660 for the first time since late January, before being pushed back slightly. The rapid market move led to a sharp increase in liquidated shorts, with over $250 million in positions wiped out within just one hour. On a daily scale, this total rose to $660 million, with nearly 100,000 traders affected.