Bitcoin (BTC) Price Experiences Sudden Surge – Here’s the Reason Behind the Rise and Latest Data

The cryptocurrency market has seen a strong recovery following the sharp decline experienced yesterday. Bitcoin ($BTC) gave investors a breather today by rising above $90,000 after falling to as low as $81,000.

Two main factors are at the forefront of the market's overall rise: the growing likelihood that the Fed will cut interest rates in December and optimistic expectations for peace in the Russia-Ukraine war.

As the likelihood of a Fed interest rate cut in December increases, international news suggesting a possible easing of geopolitical tensions between Russia and Ukraine has fueled buying in crypto assets. This sentiment has boosted not only Bitcoin but also many major altcoins.

Bitcoin ($BTC) is currently trading at $90,220, up 2.85% in the last 24 hours and approximately 1.30% in the last seven days.

$BTC fiyatında yaşanan yükselişi gösteren grafik.

Ethereum (ETH) also benefited from the recovery, reaching $3,034, up 2.83% in the last 24 hours. The weekly increase of 5.21% is noteworthy among major altcoins.

The rapid market recovery has hit short positions in the last 24 hours. Total liquidation reached $317 million, with $219 million coming from short positions and $98 million from long positions.

Chart showing total liquidations in the cryptocurrency market in the last 24 hours.

*This is not investment advice.