The crypto market has been explosive in the past few days with Bitcoin leading the way. The price of Bitcoin took for the skies, leaving lots of liquidated short positions in the process. Bitcoin exploded to its highest level in nine months and tapped $26,500 moments ago.
The explosive surge has come in the wake of somewhat positive CPI print, and hopes for a slowdown in the interest rate hikes by the Federal Reserve.
As Econintersect reported earlier, the bulls seem to be dominating the market currently. Also, the Consumer Price Index (CPI) for all Urban Consumers increased by around 0.4% and to reach 6% year-over-year.
This phenomenon sent a positive signal across the crypto space and saw Bitcoin rise past $25,000 on the announcement. It was not an hour after that, however, when the price of Bitcoin saw another massive leg up and reached above $26.5K on CoinMarketCap.
Coinglass data indicates that the move caused a staggering $120 million in liquidations within the past hour. The largest chunk of these liquidations came from short positions.
The biggest crypto has since cooled down and it is trading at around $25,910 at the time of writing.
