The leading cryptocurrency, Bitcoin, experienced a sharp rise today, climbing back above $80,000. This sudden movement in the cryptocurrency market caught investors, particularly those who had taken short positions, off guard, with $198 million worth of leveraged positions liquidated in the last hour.
According to Bitcoinsistemi.com data, $190 million of this consists of short positions.
According to the data, Bitcoin rose 4.7% in the last 24 hours, climbing above the $80,600 level on Binance.
Altcoins followed Bitcoin’s rise. Ethereum surged 4%, surpassing $2,550, while Solana rose 7.8% to over $108, and XRP climbed 4.5% to above $1.3.
At this point, altcoins recorded even stronger percentage gains, with Arbitrum, NEAR UNI, and Aptos among the top performing altcoins. Accordingly, Arbitrum (ARB) rose by 29%, Near Protocol (NEAR) by 26%, Uniswap by 20%, and APT by 18%.
Jupiter, Worldcoin, and Ether.fi followed, with JUP, WLD, and ETHFI rising by 15.5%, 15.2%, and 15% respectively.
According to analysts, the rise in altcoins in particular seems to reflect an improvement in investor sentiment as the SEC has recently stepped up its efforts to regulate digital assets.
Yesterday, the US Securities and Exchange Commission (SEC) announced a “novelty waiver” plan that will temporarily allow tokenized stock trading for the next five years. Analysts believe this move anticipates a rise in the use of supporting blockchain infrastructure if tokenized stock trading becomes widespread.
*This is not investment advice.
