The crypto market—including Bitcoin and altcoins like XRP, Ethereum, and BNB—is riding a bullish wave of momentum in the U.S. stock market, seemingly triggered by fresh comments from the Federal Reserve, and sending short sellers to goblintown.
Bitcoin punched back above $80,000 on Thursday, trading near $80,270 and up close to 3% over the past 24 hours. Ethereum is closing in on $2,500, up 2.2% today, while XRP is up a whopping 6% in the last 24 hours. The spike has accounted for at least $327 million in liquidated short positions in the last hour alone, and more than $415 million in the past 24 hours.
The catalyst appears to be comments from Fed Governor Christopher Waller, who, in prepared remarks at a Reuters NEXT Newsmaker interview, said he'd be "inclined to support" holding the Fed's benchmark interest rate at its current level if upcoming inflation data keeps improving.
Traders took the hint. The odds of a rate hike at the Fed's September 15-16 meeting fell to 50.4%, down from 63.2% a day earlier, according to the CME FedWatch tool, a market gauge that estimates the odds of Fed moves from futures prices. The 10-year Treasury yield, a benchmark for borrowing costs economy-wide that had touched its highest level since November 2023 a day earlier, dropped to around 4.73%.
It's a sharp reversal from a week ago. Fed Chair Kevin Warsh's hawkish Jackson Hole keynote had knocked Bitcoin down to $76,877 and pushed hike odds toward 56%. Thursday's bounce puts Bitcoin back at a level it's tested—and failed to hold—several times this year.
#short #back
Bitcoin punched back above $80,000 on Thursday, trading near $80,270 and up close to 3% over the past 24 hours. Ethereum is closing in on $2,500, up 2.2% today, while XRP is up a whopping 6% in the last 24 hours. The spike has accounted for at least $327 million in liquidated short positions in the last hour alone, and more than $415 million in the past 24 hours.
The catalyst appears to be comments from Fed Governor Christopher Waller, who, in prepared remarks at a Reuters NEXT Newsmaker interview, said he'd be "inclined to support" holding the Fed's benchmark interest rate at its current level if upcoming inflation data keeps improving.
Traders took the hint. The odds of a rate hike at the Fed's September 15-16 meeting fell to 50.4%, down from 63.2% a day earlier, according to the CME FedWatch tool, a market gauge that estimates the odds of Fed moves from futures prices. The 10-year Treasury yield, a benchmark for borrowing costs economy-wide that had touched its highest level since November 2023 a day earlier, dropped to around 4.73%.
It's a sharp reversal from a week ago. Fed Chair Kevin Warsh's hawkish Jackson Hole keynote had knocked Bitcoin down to $76,877 and pushed hike odds toward 56%. Thursday's bounce puts Bitcoin back at a level it's tested—and failed to hold—several times this year.
#short #back
5 days ago
