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3 weeks ago
Leading cryptocurrencies spiked Wednesday on Federal Reserve Chair Jerome Powell's favorable comments on Bitcoin and nomination of Paul Atkins as the next U.S. Securities and Exchange Commission Chair.
What Happened: The world's largest cryptocurrency breached $99,000 after a 10-day gap, while Ethereum tapped $3,800 for the first time in six months.
The rally was likely spurred by Powell equating Bitcoin with gold and dispelling notions that the leading cryptocurrency was a threat to the U.S. monetary system.
The appointment of Paul Atkins, perceived to be cryptocurrency-friendly, as SEC's next Chair by President-elect Donald Trump, also provided fuel.
More than $513 million was liquidated from the cryptocurrency market in the last 24 hours, with $330 million in bullish bets getting erased.
About $383 million in short positions risked liquidation on Binance if Bitcoin hits $100,000.
Additionally, the number of top trader accounts shorting Bitcoin exceeded those placing bullish bets on the asset, as per Long/Short Ratio.
The "Extreme Greed" strengthened from 78 to 84 in the last 24 hours, per reading from the Cryptocurrency Fear & Greed Index.
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