Bitcoin surged past $110,000** early Thursday, triggering **$331 million in crypto market liquidations—primarily short positions. The rally briefly pushed BTC to $110,348** before stabilizing at **$109,720, just 1.8% below its all-time high of $111,814.
Key Market Movements
- Bitcoin Shorts Liquidated: $101 million (24-hour period).
- Ethereum Shorts Liquidated: $91.2 million.
- Total Crypto Short Liquidations: $280+ million.
The spike followed the ADP National Employment Report, revealing a drop in U.S. private payrolls—the first decline since 2023. Analysts noted increased expectations for a Federal Reserve rate cut, boosting gold and crypto while pressuring the U.S. dollar.
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Altcoin Performance Highlights
- Ethereum (ETH): Up 5.5%, trading near $2,600 (highest since mid-June).
- XRP: +4.9%, Dogecoin: +7.3%, Cardano: +7%.
- Solana (SOL): Gained 3.6% after the launch of the U.S. Rex-Osprey Solana ETF, which attracted $12 million in first-day inflows.
ETF Inflows and Regulatory Outlook
- U.S. Spot Bitcoin ETFs: $407.8 million** inflows (Fidelity’s FBTC led with **$184 million).
- Ethereum ETFs: $1.9 million outflows.
- Pending Approvals: SEC may greenlight additional Solana ETFs in 2024.
Technical Analysis
BTC breached its short-term descending trendline, testing resistance at $110,348**. Support lies between **$105,000–$102,560; holding this zone could sustain bullish momentum.
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FAQs
1. Why were crypto shorts liquidated?
Short positions collapsed as Bitcoin’s price surged unexpectedly, forcing automated trades to close at losses.
2. How does the ADP report affect crypto?
Weak employment data raised Fed rate-cut bets, weakening the dollar and lifting risk assets like crypto.
3. Will Solana ETFs drive further price gains?
Yes—new ETFs increase institutional demand, as seen with Bitcoin and Ethereum products.
Data sourced from CoinGecko, CoinGlass, and Farside.
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