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There was a rapid increase in Bitcoin (BTC) and Ethereum (ETH) prices as global markets embraced the beginning of the easing cycle of central banks.
More than $100 million in short selling occurred in the last 24 hours, indicating a significant change in sentiment in the cryptocurrency world.
As the Asian trading day began, both Bitcoin and Ethereum were in the green; BTC was trading at $67,300, up 4.9%, while Ethereum was trading above $3,400, up 4.7%.
Analysts attribute this bullish trend to BlackRock’s recent announcement of a fund targeting tokenized products on the Ethereum network called BUIDL.
Bradley Park, an analyst at CryptoQuant, suggests that the market has reacted positively to this development. However, the increase in prices came at a cost for short sellers.
Data from CoinGlass reveals that over $100 million in leveraged futures positions have been liquidated, with approximately $60 million in short BTC positions and $42.8 million in short Ethereum positions.
One factor contributing to Bitcoin’s rise is the slowing selling pressure of Grayscale Bitcoin Trust (GBTC). Analysts think Genesis’ share sale may have facilitated the exit of GBTC, allowing Bitcoin to gain momentum.
At the macroeconomic level, the stage is set for further upward movement. Last week, the Swiss National Bank (SNB) unexpectedly lowered its benchmark interest rate, setting off a wave of global easing.
While the Central Bank of Mexico also cut interest rates, the US Federal Reserve, the European Central Bank and the Bank of England also laid the groundwork for liquidity expansion in the coming months.
On the other hand, the dovish statements from the FED last week also helped the market recover.
*This is not investment advice.
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