Crypto Market Sees Sudden $250M Short Squeeze as Bitcoin and Ethereum Soar

The cryptocurrency market is experiencing a significant upswing on Friday after an initial dip following the release of US CPI data. In a dramatic turn of events, Bitcoin has surged to almost $80,000 in just over an hour, while Ethereum has posted a massive 8% surge on a daily scale.

Ethereum's price topped $2,660 for the first time since late January before being pushed south slightly. This sudden movement has led to significant losses for short sellers, with reportedly over $250 million in shorts being wiped out in just one hour.