Bitcoin's price jumped past $80,000, marking its highest level in more than ten days. The rally triggered significant liquidations in the cryptocurrency derivatives market, with over $180 million in short positions wiped out in the past hour, according to data from CoinGlass.
The move came after a period of volatility driven by recent macroeconomic developments. Bitcoin had declined to $75,000 earlier in the week following the setback of the CLARITY Act in the US Senate. The asset subsequently rebounded after the Federal Reserve raised rates, marking its first increase since July 2023.
Additional support came from the Bank of Japan's decision to raise interest rates to a 31-year high, which lifted Bitcoin past $78,000 before the currency rallied to today's levels. The last time Bitcoin breached the $80,000 level was on September 7.
Altcoins participated in the rally. Ethereum surged past $2,550 with a 2.3% hourly gain, while XRP climbed above $1.35 following a 3% increase. Solana and Binance Coin recorded more modest gains.
Liquidation data showed $192 million in total over-leveraged positions were closed in the past hour, with short positions accounting for $183 million of that figure. Bitcoin accounted for $119 million of the liquidations, followed by Ethereum at $36 million. On a daily basis, total liquidations exceeded $450 million, with shorts representing $390 million of that total.
