Bitcoin has jumped above $66,000, reaching its highest level since mid-June when prices hovered above $67,000. This surge comes amid a global IT outage that disrupted various industries.
The price of Bitcoin (BTC) is currently 4.7% up in the past 24 hours, hovering around $66,670. Ethereum (ETH) has also climbed above $3,500, and Solana (SOL) is trading above $170, with gains of 3% and 8% respectively.
Other altcoins are also trading positively. BNB (BNB) is up 4.9%, Dogecoin (DOGE) 4.5%, and Cardano (ADA) 3%.
Bitcoin rises amid global IT outage
The bounce in Bitcoin’s price came as chatter continued around its potential inclusion as a strategic national reserve for the US. Key to Bitcoin’s surge to intraday highs above $66,800 was the chaos accompanying a major IT outage on Friday, with airlines grounded and global companies disrupted.
The outage followed a software update by cybersecurity giant CrowdStrike. As widespread cyber outages spotlighted Bitcoin’s strengths, the market took cues for a fresh rebound. There was also a huge surge in spot ETF volume.
Shorts feel pain as Bitcoin price surges
Meanwhile, the surge in prices had shorts obliterated. In just the past hour, as of 14:24 ET on Friday, over $6 million in BTC shorts were liquidated compared to just $79,700 in long positions.
Data shows liquidations in the past four hours have seen bearish Bitcoin bets worth over $12 million liquidated compared to around $1.6 million in longs.
In the broader market, over $30 million in shorts have been liquidated in the past four hours. This outpaces long liquidations by a wide margin, as only $5.3 million in long positions have been rekt in this period.
On Thursday, analysts at Santiment noted a surge in short positions in the Bitcoin market, with BTC price hovering below $63k. Liquidations mounted as BTC price rose above $66,800.
