en.bitcoinsistemi.com
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.
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.
*This is not investment advice.