Bitcoin Jumps on Burst of Short Liquidations

Dow Jones10-15 23:58

11:58 ET -- Bitcoin hopped back over the $82,000 mark, this after briefly breaking below $80,000. Driving the jump in the cryptocurrency is a turnaround in wider stock markets--with investors seen cycling money into the wider Dow Jones Industrial Average and away from tech-centric stocks. "That reversal appears to have triggered a wave of short liquidations, which accelerated the move higher," says Lacie Zhang of Bitget Wallet. Zhang adds that the fundamental outlook for bitcoin remains unchanged, with investors continuing to watch for increases in retail and institutional demand in cryptocurrency to spur on further increases. Bitcoin is up 0.6% at $82,216, ethereum rises 0.8% to $2,434, XRP is up 0.9% to $1.34, and solana is up 1.7% at $105.85.

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