• Bitcoin’s price skyrocketed to its highest point in nine months, hitting $26,400 on Binance.
• The surge was driven by a positive consumer price index print and hopes for a slowdown in interest rate increases.
• Over $120 million was liquidated in the past hour alone, mostly from short positions.
Bitcoin Reaches New High
Bitcoin recently reached an all-time high of $26,400 on Binance, soaring beyond what had been its highest price in nine months. This surge can be attributed to a positive consumer price index print as well as hopes of an eventual slowdown in interest rate increases.
The impressive move caused over $120 million to be liquidated within the space of one hour, with most of these losses stemming from short positions being caught out by the sudden rally.
The Consumer Price Index (CPI) for all Urban Consumers increased by 0.4%, representing a 6% year-on-year increase which sent positive signals across the cryptocurrency market and caused Bitcoin’s value to spike above the crucial $25k mark.
CryptoPotato reported that there are special offers available if you want to get involved with Bitcoin trading: Binance is offering free $100 (exclusive) and 10% off fees on their futures first month when you use this link; PrimeXBT is offering up to $7000 when you register and use code POTATO50.
This news illustrates just how quickly Bitcoin can move and how much money can be made or lost within an incredibly short period of time – but it also highlights the importance of staying informed and understanding the economic factors that drive cryptocurrency prices so that traders can make more informed decisions when entering into trades.