Bitcoin (BTC) rose more than 8% in 24 hours, surpassing $24,000 for the first time in two weeks. This is considered to be the effect of short squeeze. This rate of increase is the largest since the 10.5% rise on September 9th (it exceeded $ 24,300 around 9:00 Japan time on the 16th).
Bitcoin has traded above 20,000 in recent days as investor fears mount over regulations targeting cryptoassets, especially stablecoins, and the Fed’s stance on curbing inflation. It even dropped below $1,600.
However, those concerns quickly seemed to fade, with bitcoin briefly surpassing $24,100 on the 15th.
About $65 million worth of bitcoin was liquidated in the last 24 hours, of which about $60 million was short positions, according to Coinglass data.
Stock market crypto-related stocks also rose, with cryptocurrency trading giant Coinbase and bitcoin mining firm Marathon Digital Holdings both up 15%. Bitcoin holding MicroStrategy is up more than 9%.
Ethereum (ETH) rose 5.5% near $1,645. The CoinDesk Market Index (CMI) rose 4%.
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IntoTheBlock’s head of research, Lucas Outumuro, said investors were also buoyed by the US consumer price index (CPI) released on Wednesday, which beat analysts’ expectations but fell slightly from the previous month. He said he found reasons to be optimistic.
“The market reaction to the CPI was positive, although the numbers were higher than expected, which could be seen as a sign of strength for the rally in risk assets to continue,” Automulo said.
Kaiko research analyst Riyad Carey also said the market may have already priced in regulatory concerns for stablecoins such as Binance USD (BUSD). .
“Crypto Assets have mostly absorbed multiple variables added by BUSD news. I think today’s move reflects the easing of some of the fears around regulation and the immediate fears around BUSD. said Carey.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Original: Bitcoin Soars Past $24K to Reach 2-Week High
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