The US Consumer Price Index exceeded expectations, pushing cryptocurrency markets upwards. Bitcoin and Ethereum saw significant price increases, while XRP also experienced a notable surge, leading to substantial liquidations of short positions.
The United States reported a higher-than-expected Consumer Price Index ( CPI ) for December, showing a monthly increase of 0.4% after seasonal adjustment, surpassing the forecast of 0.3%. The annual CPI rate climbed to 2.9%, the highest since July 2024, marking its third consecutive monthly rise. This positive economic data was met with enthusiasm in both traditional and cryptocurrency market s.
Bitcoin's price, for instance, surged by over 2% in just a few minutes, while other cryptocurrencies, including Ethereum, experienced even more dramatic gains, with Ethereum jumping by 3.5% in a single minute. These rapid price fluctuations represent a shift of billions of dollars in value, highlighting the volatility inherent in the cryptocurrency market. For short-sellers, or 'bears', this move was particularly painful. Since the CPI release, $87.23 million worth of short positions were liquidated, amounting to three times the value of liquidated long positions. In total, $250 million, or an enormous quarter of a billion dollars, worth of short positions were liquidated in just 24 hours. XRP also joined the ranks of strong performers, with the third-largest cryptocurrency reaching a high of $2.90. This surge resulted in the liquidation of over $14 million in short positions for XRP alone. Bitcoin saw $39 million in short liquidation, while Ethereum accounted for $28 million. The future direction of the market remains uncertain. All major news concerning monetary policy for January has unfolded. The upcoming resignation of Gary Gensler, the current SEC chairman, in five days, and a change in the U.S. administration, are events that could further impact the market.
Bitcoin Ethereum XRP CPI Consumer Price Index Cryptocurrency Market Short Positions Liquidations
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