Memecoin

Bitcoin

Million

Arthur

PEPE

Bitcoin’s price rebounded back above $59,000 on Thursday, marking an 8% climb on the day in spite of broader macroeconomic fears.
According to <a href="https://www.coinglass.com/LiquidationData" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">CoinGlass</a>, over $189 million in trades have been liquidated across the crypto market in the past 24 hours, including $109 million in shorts.
<ul>
 <li>Bitcoin’s climb began at roughly 1:50 PM UTC, with Bitcoin surging from $57,000 to $59,815 over the next three hours.</li>
 <li>The leading digital asset is now up 8.45% on the day at $59,622, with its weekly losses now reduced to 7.78%.</li>
 <li>Similarly, Ethereum has shot up 9.93% on the day to $2,572. Its weekly losses remain steep at 18.8%, with the ETH/BTC ratio still trailing at 0.043 – one of its lowest levels this year.</li>
 <li>The Telegram-linked Toncoin posted one of the strongest daily recoveries, pumping 13% on the day. Memecoin PEPE rose 11%, and Solana rose 7.85%.</li>
 <li>The broad market recovery mimics that of the stock market, which has also completely erased its losses since macroeconomic fears spooked the economy over the weekend.</li>
 <li>The NASDAQ100 is now down just 0.43% over the past five trading days, compared to 6% when markets opened on Monday.</li>
 <li>Since last week, the Bank of Japan has promised not to continue hiking interest rates so long as market volatility persists. Many crypto investors interpreted the central bank’s statement as a sign that the bottom was in.</li>
 <li>“Just so I’m clear. BTFD! Cause the BOJ caved,” said BitMEX co-founder <a href="https://cryptopotato.com/the-reason-behind-bitcoins-price-crash-arthur-hayes-speculates/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Arthur Hayes</a> on Wednesday.</li>
</ul>
<figure id="attachment_352341" aria-describedby="caption-attachment-352341" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-08_17-16-16.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-352341 size-large" src="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-08_17-16-16-1024x683.png" alt="" width="1024" height="683" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-08_17-16-16-1024x683.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-08_17-16-16-300x200.png 300w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-08_17-16-16-768x512.png 768w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-08_17-16-16-1536x1025.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-08_17-16-16-50x33.png 50w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-08_17-16-16.png 1737w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption id="caption-attachment-352341" class="wp-caption-text">
 Bitcoin / USD. Source: TradingView
 </figcaption>
</figure>
The post <a href="https://cryptopotato.com/bitcoin-soars-back-beyond-59k-triggering-185-million-in-liquidations/" rel="noopener noreferrer nofollow">Bitcoin Soars Back Beyond $59k Triggering $185 Million In Liquidations</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Bitcoin Soars Back Beyond $59k Triggering $185 Million In Liquidations

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