The price of #البيتكوين briefly surpassed $110,000 on Thursday morning, leading to over $331 million being liquidated in the cryptocurrency market - most of which were short positions.
The price of Bitcoin $BTC has dropped.
Since then, it has risen to $109,720, up 1.8% on the day according to Coin,,Ge,cko data - just 1.8% off its all-time high last month at $111,814.
As a result of this movement, over $101 million in short positions on Bitcoin were liquidated over the past 24 hours, with #الإيثيريوم painting a similar picture, as $91.2 million in short positions were liquidated. In total, over $280 million in short positions were liquidated across the entire cryptocurrency market in the past day.
All this movement came after the release of the national ADP employment report, which showed a decline in U.S. private sector payrolls last month for the first time since 2023.
A derivatives analyst noted in a memo shared with De,,cry,pt: "After the release, markets quickly adjusted their expectations regarding Federal Reserve policy, with the likelihood of a rate cut in July rising to 25.3%." He added: "Gold rose, while the U.S. dollar faced pressure. The cryptocurrency market reacted positively, as major assets rebounded amid volatility."
Ethereum $ETH has risen.
Up by 5.5% over the past 24 hours, hovering around $2,600 - its highest level since mid-June. The global cryptocurrency market cap decreased by 0.3% over the past 24 hours, totaling $3.48 trillion. The top-performing coins that moved upward include $XRP .
Up by 4.9%, and #DOGE by 7.3%, and #ADA by 7%.
Additionally, #Solana surged by 3.6% following the launch of the Rex-Osprey Solana + Staking U.S. ETF, achieving inflows of $12 million on its first day on Wednesday. The U.S. Securities and Exchange Commission is expected to approve several other cryptocurrency funds this year, with a basket of other Solana funds awaiting approval.
U.S. spot Bitcoin exchange-traded funds saw inflows of $407.8 million on Wednesday, according to Far,,side, with Fidelity's FBTC fund leading the charge, receiving $184 million. Meanwhile, Ethereum exchange-traded funds experienced outflows of $1.9 million on Wednesday according to Farside.
An analyst stated: "Bitcoin (BTC) has broken its short-term downward trend line," noting that it is "approaching the key resistance level at $110,348. Support is between $105,000 and $102,560; if the price retraces while remaining above these levels, bullish momentum may continue."