On 19th August, Global crypto market got surprised with a sudden rise in major crypto assets including BTC, ETH, BNB, SOL etc following recent developments in global liquidity, which looks positive for traders. with Bitcoin touching $72,200 and Ethereum peaking over $2,330 the market started gathering pace, meaning, people betting against these assets lost an estimated $3.1 billion.
As usual, investors were expecting the prices to fall because of geopolitics tension and rising prices of oil, but once Bitcoin started seeing a price increase instead, exchanges automatically closed positions that could no longer cover their losses. The prices jumped after the US announced they may buy crypto assets for their strategic reserve and potentially hold them for long term. BTC traders suffered the biggest hit, as data showed that around $1.5B in BTC positions were liquidated over 24 hours from short positions.
ETH, However, managed to gain almost 21%, reaching an intraday high of $2,330 before then trading around $2,250, with the rally wiping out approximately $950 million in positions over 24 hours, with short traders accounting for $725 million. Also, meme and alt coins like PEPE, DOGE saw even more gains reaching as high as 60%.
Moreover, if this rally will sustain or will get a pullback will be decided on the next steps in the 15-16 Sept Fed meeting which could be a turn point for digital assets and global stocks. As of now, BTC is being trade around $71,535 with a jump of 11.86% in its price and stands at a market capitalization of $1.46 Trillion.