tl;dr
Bitcoin surged above $117,000 following Fed Chair Jerome Powell's optimistic speech on potential interest rate cuts but quickly fell back to around $115,000. Recently, bearish sentiment pushed Bitcoin down to a six-week low near $110,600 before recovering slightly to below $113,000. Ethereum and oth...
The primary cryptocurrency experienced a sharp surge on Friday following an optimistic speech by Fed Chair Jerome Powell regarding potential interest rate cuts. Bitcoin's price jumped from below $112,000, a local low at the time, to over $117,000 within an hour. However, this relief rally was short-lived, and BTC quickly retraced to around $115,000, where it remained through most of the weekend.
Less than an hour ago, bearish sentiment returned unexpectedly, pushing Bitcoin down to a six-week low near $110,600 on most exchanges. Although BTC has since recovered by about $2,000, it still trades below $113,000. This downward momentum also pulled most altcoins down, including Ethereum (ETH), which had recently hit an all-time high of nearly $5,000.
As the crypto community anticipated ETH breaking firmly above the $5,000 mark, the second-largest cryptocurrency sharply dropped to nearly $4,700 before recovering to roughly $4,800 at press time. Many altcoins demonstrated similar volatile price swings within the past hour, adversely affecting traders who were heavily leveraged.
According to data from CoinGlass, hourly liquidations in the market have surged beyond $300 million, with approximately 90% attributed to long positions. On a daily scale, liquidations nearly double this amount, with over 130,000 traders liquidated. The largest single liquidation occurred on OKX, with a position valued at over $12 million being wiped out.