The markets made a swift uturn in the early Friday session as investors weighed Fed Chair Jerome Powell's speech in Jackson Hole, Wyoming.Powell left the door open to an interest-rate cut at the upcoming Fed meeting scheduled for Sept. 16 to 17, remarking that "the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance."
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Cryptocurrencies reversed a weeklong decline, with major tokens Bitcoin and Ethereum posting gains of 3% and 7%, respectively, in the last hour. Shiba Inu likewise rose nearly 5% in the last hour and is now trading at $0.00001269, according to CoinMarketCap data.
Shiba Inu sharply rose from $0.00001202 to $0.00001287 in the early Friday session, a move that caught traders who made bullish bets off guard.
Shiba Inu rockets 2491% in liquidation imbalance
The crypto market rose within the space of an hour as investors analyzed key takeaways from Fed Chair Jerome Powell’s Jackson Hole Speech, which highlighted the potential of a rate cut at the central bank's upcoming September meeting.
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The move saw $206 million in shorts liquidations in the last hour across the market as bearish traders were caught unawares.
Shiba Inu saw a sharp spike in the last hour, rising from $0.0000122 to $0.00001287 and posting a massive green hourly candlestick in the process, leading to a surge in shorts liquidations.
According to CoinGlass data, a total of $53,390 in Shiba Inu liquidations were recorded. The amount of $51,300 in short positions were liquidated, while $2,060 in longs suffered liquidation, with the disparity resulting in a 2,491% imbalance.
