Bitcoin He bounced the level of support of $ 111,800 on Friday, increasing abruptly by 2.6% to $ 114,800 after the president of the Federal Reserve, Jerome Powell, hinted at cuts of potential rates during a speech in Jackson Hole.
The rapid movement, preceded by a previous settlement, resulted in the liquidation of more than $ 375 million in positions of cryptographic derivatives, according to Coinglass. Most of these losses are attributed to merchants who have short positions.
Ether (Eth) The positions were the most affected, with $ 150 million liquidated in the last four hours, since the price increased from $ 4,200 to $ 4,650, marking a 10%gain.
Bitcoin’s level of support was critical, since it was a record in May. The rebound indicates a bullish investment after a one -week bear trend from $ 124,500.
Despite the fears that Powell’s speech would have an aggressive tone, he said that “the downward risks for employment are increasing” and “if these risks materialize, they can do it quickly in the form of very high dismissals and an increase in unemployment.”
The comments suggest that the target cuts could be on the table next month, which would directly benefit risk assets such as Bitcoin and Ether.
The market is still volatile after speech, with BTC slightly removing $ 115,700 to $ 114,800. Although the liquidations have taken positions of market derivatives, the open interest has increased to its highest point in four days, which suggests that the rebound is also being backed by leverage, according to Cinalyze.
The Altcoin market is left behind ether with the exception of Lido (Ldo) and Ethena They continue their rise ascent after the SEC clarified the rules around the reference earlier this month.
