Ethereum, Solana touch key levels as Bitcoin spikes

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As a seasoned researcher with extensive experience in the cryptocurrency market, I have witnessed the volatility and unpredictability of Bitcoin and other digital assets many times over. But today’s price surge is particularly noteworthy, coming as it does amidst a global IT outage that has disrupted major industries and institutions.

As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin has recently surpassed the $66,000 mark, reaching a peak not seen since mid-June when it briefly touched the $67,000 threshold.

In the last 24 hours, Bitcoin’s (BTC) price has risen by 4.7%, reaching approximately $66,670. On the other hand, Ethereum (ETH) has surpassed the $3,500 mark and is currently experiencing a 3% increase in value. Lastly, Solana (SOL) is trading above $170, demonstrating an impressive 8% growth.

Several other cryptocurrencies are experiencing gains in the market, with Binance Coin (BNB) rising by 4.9%, Dogecoin (DOGE) increasing by 4.5%, and Cardano (ADA) registering a 3% growth.

Bitcoin rises amid global IT outage

The price surge of Bitcoin was fueled by ongoing discussions about its possible integration into the United States’ national reserves as a strategic asset.

The significant IT outage on Friday caused widespread chaos, leading Bitcoin to reach new intraday heights of over $66,800. Affecting various industries such as airlines, banking, media, and more, the disruption brought about by this incident contributed to the digital currency’s price surge.

The outage followed a software update by cybersecurity giant CrowdStrike.

I’ve observed that during recent widespread cyber outages, the markets have taken note of Bitcoin’s resilience and responded with signs of a recovery. Additionally, there has been an impressive increase in trading volume for spot Bitcoin Exchange-Traded Funds (ETFs) within the marketplace.

Shorts feel pain as Bitcoin price surges

In the previous hour, at 14:24 ET on a Friday, approximately $6.3 million worth of Bitcoin short positions were liquidated due to soaring prices, whereas only around $79,700 worth of long positions existed.

In the previous four hours, data indicates that approximately $12 million worth of bearish Bitcoin bets were liquidated versus roughly $1.6 million in liquidations for bullish positions.

In the larger trading scene, short positions worth over $30 million have been closed in the last 4 hours. This figure significantly surpasses the $5.3 million worth of long positions that were liquidated during the same timeframe.

Thursdays saw analysts from Santiment observe a significant increase in short bets on Bitcoin. With the cryptocurrency’s price just under $63,000, liquidations ensued when Bitcoin’s value surpassed $66,800.

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2024-07-19 22:14