Bitcoin Surges to $69K, Driven by Spot Market Buying and Impending Short Liquidations
Bitcoin (BTC) skilled a 6% acquire on April 4, surging from the $65,000 stage to as excessive as $69,000, as merchants anticipated impending brief liquidations.
The surge in Bitcoin costs got here because the Federal Reserve Chair, Jerome Powell, mentioned that rate of interest cuts would come earlier than the tip of 2024. The US jobless claims additionally got here in increased than anticipated, which may immediate the Fed to chop charges. This dovish tone favors danger property like Bitcoin and cryptocurrencies.
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