Ethereum
Ethereum, Solana Hit Key Levels as Bitcoin Surges
Bitcoin has climbed above $66,000, reaching its highest level since mid-June, when prices hovered above $67,000.
The price of Bitcoin (Bitcoin) is currently up 4.7% over the past 24 hours, with buyers hovering around $66,670. Meanwhile, Ethereum (ETH) climbed above $3,500 and Solana (GROUND) is trading above $170 – with gains of 3% and 8% respectively.
Other altcoins are also moving positively, with BNB (BNB) up 4.9%, Dogecoin (DOGE) up 4.5%, and Cardano (ADA) up 3%.
Bitcoin Soars Due to Global Computer Outage
The Bitcoin price rally came as discussions continued around the potential inclusion of the benchmark cryptocurrency as a strategic national reserve for the United States.
The key to Bitcoin’s surge to intraday highs above $66,800 was the chaos that accompanied a major computer failure Friday, with airlines grounded and banks, media and other global businesses disrupted.
The outage follows a software update from cybersecurity giant CrowdStrike.
As widespread computer outages highlighted Bitcoin’s strengths, the market appeared to be showing signs of recovery. The market also saw a surge in spot ETF volume.
Shorts suffer from Bitcoin price rise
Meanwhile, the price rally has wiped out short positions. In the last hour, as of 2:24 PM ET on Friday, for example, over $6 million worth of BTC short positions were liquidated, compared to just $79,700 worth of long positions.
The data shows liquidations Over the past four hours, more than $12 million worth of bearish bitcoin bets have been liquidated, compared to about $1.6 million in long positions.
In the broader market, over $30 million of short positions were liquidated in the last four hours. This figure far outweighs long liquidations, as only $5.3 million of long positions were liquidated during this period.
On Thursday, Santiment analysts had note An increase in short positions in the bitcoin market as the BTC price hovered below $63,000. Liquidations increased as the BTC price rose above $66,800.