Bitcoin Price Surpasses $39,000 Mark, Market Reacts to Jerome Powell’s Speech
The price of Bitcoin, the world’s largest cryptocurrency, has exceeded the $39,000 threshold for the first time since May 2022, reaching $39,300 at the time of writing this article. This sudden rise in price was accompanied by a candle wick up to $39,700 on Binance, as reported by market analysts.
Rise in Bitcoin Price Linked to FED Chairman’s Speech
The latest wave of rise in Bitcoin’s price came after FED Chairman Jerome Powell’s speech on Thursday, where he hinted at the possibility of earlier interest rate cuts. This sparked hopes among investors, and it is believed that the approval for a Bitcoin spot ETF by the SEC in January is highly probable.
Market Liquidations Follow Bitcoin’s Surge
Following the sudden surge in the price of Bitcoin, there was a significant liquidation of $53.46 million in the cryptocurrency market within the last hour. Surprisingly, $51.46 million of these liquidations occurred in short positions, indicating a bearish sentiment in the market.
Table Shows Massive Liquidations in Cryptocurrency Market
A table depicting the liquidations in the cryptocurrency market within the last hour shows that BTC had a total liquidation amount of $24.13 million, while ETH had $20.66 million and SOL had $1.27 million. Additionally, there were smaller liquidations across several altcoins.
Ethereum Price Also Surges
In addition to Bitcoin’s sudden rise, Ethereum also experienced a significant increase in price, rising by approximately 1.84% in the last hour and trading at $2,160 at the time of writing.
Investors Advised to Exercise Caution
As the market reacts to the latest developments, investors are reminded that this information is not intended as investment advice. It is important for investors to exercise caution and conduct thorough research before making any investment decisions.
Overall, the cryptocurrency market has responded sharply to Jerome Powell’s speech, with Bitcoin and Ethereum experiencing significant price movements. The approval for a Bitcoin spot ETF in January by the SEC is anticipated to have a substantial impact on the market, and investors are closely monitoring the developments.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
