Bitcoin continues its weekly rally above $22,000, bringing the cryptocurrency market cap to over $1 trillion.
The pump triggered another avalanche of liquidations across digital asset exchanges.
- Bitcoin traded at around $21,380 at 19:45 UST on Friday, rising $1000 to $22,370 by 21:00. The pump has been going on ever since, with the highest asset at the time of writing at $22,615.
- Meanwhile, Ether rose from $1590 to $1651 within that timeframe.The last time any asset traded at these levels was before the Ethereum trade merge respectively, the collapse of FTX and FTX, both of which caused massive crypto market downturns upon arrival.
- according to coin glassthe price pump contributed to $250 million in crypto liquidations involving over 52,000 traders in the last 24 hours.
- The largest liquidation occurred on Bitmex with a $3.15 million XBTUSD trade. Overall, OKX is the top exchange by number of liquidations.
- Bitcoin has been rising since last week after the BLS released optimistic inflation data, signaling to the market that the Fed may be ready to stop raising rates. Former CEO of MEX, Arthur Hayes I believe A pivot is unlikely to happen anytime soon.
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