Bitcoin Price Surge

Bitcoin's value has skyrocketed, surpassing the $69,000 mark, resulting in over $28 million in short liquidations in just 24 hours. This remarkable increase in Bitcoin's price led to significant liquidated positions.

Market Impact

The surge in Bitcoin's value caused approximately $48 million in liquidations. Not only did Bitcoin experience this surge, but the entire cryptocurrency market also saw over $198 million in liquidations during the same 24-hour window.

This surge coincided with the release of U.S. inflation data, revealing a 3.3% year-over-year increase in May, slightly below the 3.4% projected by economists.

Federal Reserve Meeting Expectations

The upcoming U.S. Federal Reserve rate-setting meeting is anticipated to maintain the current interest rate at 5.25% to 5.50%. However, economists predict that the Federal Reserve may reduce rates twice this year, starting in September.

Aurelie Barthere, a Principal Research Analyst at Nansen, suggests that following the CPI data release, the Federal Reserve might adjust growth projections downward and reconsider some planned rate cuts to align with the market trends. Barthere speculates that Powell will adopt a dovish approach in light of the data.

At present, Bitcoin is trading at approximately $69,300, reflecting a more than 3% increase in the last day. Additionally, Ethereum's price rose by over 2% to reach $3,635 within the same timeframe.