'Uptober' Starts Early
as Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Price Pump Smashes
Short Positions
'Uptober' Starts Early as Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Price Pump Smashes Short Positions
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and other digital assets usually have a rough September—but soar in
October. The Fed's rate cuts might have just sped things up.
By Mat Di Salvo
Sep 19, 2024 Sep 19, 2024
2 min read
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin's price is up (Image: Shutterstock)
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Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin has jumped in price following the Federal Reserve's decision
yesterday to cut interest rates—and traders who shorted the are being wiped
out in a growing wave of liquidations.
The biggest digital coin's price is now sitting at $63,199 per coin after
jumping more than 6% in 24 hours, CoinGecko shows .
In the past day, over $154 million in short positions have been liquidated
across all cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта, CoinGlass data shows . Of that figure, nearly $74
million were Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin positions.
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Short positions are held by traders who bet the price of an asset going down
in the future. If a short is liquidated, then the trader has lost the bet and
their position is closed.
The rest of the crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта is also up significantly. Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum's price
currently stands at $2,437 per coin after rising over 6% in the past 24 hours.
More than $33 million in positions shorting the asset's price have been
closed.
The Federal Reserve slashed interest rates by 50 basis points on Wednesday
after hiking them to a 23-year high back in 2022. Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and other
cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта, along with crypto and tech stocks, have since been rising as
a result. Riskier investments such as digital assets and U.S. equities tend to
do better in a low interest rate environment.
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin hit an all-time high of $73,737 in March thanks to the historic
approval of exchange-traded funds (ETFs) giving traditional investors exposure
to the coin. But it has since struggled to hit that point again.
Stocks typically do badly in September, data shows, and Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin has broadly
followed that trend—it's the worst month on average for the asset over
the past 11 years. But October and November historically are boom months for
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin, and the so-called Uptober swing might be starting early due to the
Fed.
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Edited by Andrew Hayward
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