Bitcoin rose to a new all-time high of $111,999 on Wednesday after the publication of unexpectedly dovish minutes of the Federal Reserve’s latest meeting.
The growth propelled a powerful rally in the world crypto markets, and Ethereum, Solana, XRP, Cardano, and others rallied simultaneously.
According to CoinGlass, over $500 million in leveraged positions were liquidated with the price spike.
More than 115,900 traders had been liquidated, with about 87.9 percent being short-sellers. Huobi experienced the largest single liquidation of $51.6 million, whereas Bitcoin and Ethereum contributed to more than a third of the liquidated value, or $386 million.
The spark: Minutes of a June 20 meeting released Wednesday by the Federal Reserve Open Market Committee showed that some members are considering the potential of a reduction in interest rates as early as July. This bullishly risk-on tone was a booster to investor sentiment on crypto assets.
Crypto markets remained in a strong bullish position on Thursday, driven by Bitcoin’s high. The shocking increase revealed the overleveraged traders, but again confirmed the fragility of the market to any market signals of the U.S. monetary policy.
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