Bitcoin's price once again reached six figures, surpassing $100,000 following significant shifts in US macroeconomic policy.
Unexpected Bitcoin Surge
The Bitcoin price unexpectedly soared, once again achieving a six-figure valuation, last seen on Tuesday. This followed massive liquidations resulting in at least $8 billion in trader losses.
US Economic Situation
The recent wave of market optimism was spurred by changes in the rhetoric surrounding the US macroeconomic situation. A decline in the unemployment rate suggests a slowdown in inflation, with some Federal Reserve officials hinting at the possibility of monetary easing sooner than expected.
Market Reaction and Bitcoin's Future
According to CoinGlass, the amount of liquidated short positions surged to over $46 million in the last hour. In total, there was $106 million of short liquidation in the last 24 hours. The BTC price has cooled off a bit, but large price swings are expected given current market conditions. A weekly close near six figures could bolster optimism and positive sentiment in the market.
The impact of the US economic policy continues to have significant effects on the cryptocurrency market, with Bitcoin proving its susceptibility to macroeconomic policy shifts.
