Bitcoin Soars Back Beyond $59k Triggering $185 Million In Liquidations
Release: 2024/08/09 05:19 Reading: 920
Bitcoin Rebounds Above $59,000, Sparking Market Recovery
Bitcoin has regained momentum, surging past $59,000 on Thursday, marking an impressive 8% gain despite macroeconomic concerns. This rally has led to significant liquidations in the crypto market, amounting to over $189 million in the past 24 hours, with $109 million targeting short positions.
Bitcoin's ascent commenced around 1:50 PM UTC, witnessing a rapid rise from $57,000 to $59,815 within three hours. The leading cryptocurrency now sits at $59,622, representing an 8.45% increase for the day and reducing its weekly losses to 7.78%.
Ethereum has also experienced a surge, climbing 9.93% to $2,572. However, it still faces substantial weekly losses of 18.8%, and the ETH/BTC ratio remains low at 0.043, one of its lowest points this year.
Other notable performers include Toncoin, which has rebounded 13%, and PEPE and Solana, which have gained 11% and 7.85% respectively. This broader market recovery mirrors that of the stock market, which has regained lost ground after macroeconomic fears rattled the economy over the weekend.
The NASDAQ100 has now recovered most of its losses from the past five trading days, with a current decline of only 0.43%. This revival comes after the Bank of Japan's commitment to refrain from further interest rate hikes amid market volatility. Many crypto investors believe this statement indicates a market bottom.
As BitMEX co-founder Arthur Hayes stated on Wednesday, "Just to be clear. Buy the f* dip! Because the BOJ caved."
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