The cryptocurrency market surged on Friday after U.S. CPI data triggered a sharp reversal. Ethereum soared 8% daily, reaching $2,660—its highest level since January. Bitcoin initially fell to $76,000 after the data release but rebounded to nearly $79,000. The rally liquidated over $250 million in shorts within an hour, with more than half tied to Ethereum. Total daily liquidations reached $660 million, affecting nearly 100,000 traders.
The cryptocurrency market reversed course on Friday after U.S. CPI data initially pushed assets lower. Bitcoin slipped from over $77,000 to a weekly low of $76,000 when the inflation numbers matched expectations.
Within an hour, the primary digital asset rebounded swiftly. It climbed back to $78,000 before surging to almost $79,000 minutes later.
Ethereum posted a massive 8% surge on a daily scale and over 5% in the last hour alone. Minutes ago, ETH topped $2,660 for the first time since late January before pulling back slightly.
The rapid market move led to a sharp uptick in liquidated positions. Data from CoinGlass shows that over $250 million in shorts were liquidated in the past hour, with over half of that amount in Ethereum.
On a daily scale, the total value of wiped-out positions reached $660 million. Nearly 100,000 traders have been wrecked.
