Crypto markets rally as $647 million in short liquidations drive Bitcoin and Ethereum gains, while oil prices slip below $100 per barrel.
Bitcoin opened 6.7% higher and is up over 10% in the last week and month, indicating strong bullish momentum.
Ethereum opened 5% higher and is up over 10% in the last week and month, reflecting broad crypto market strength.
Oil prices fell to $98.49, dropping below the $100 threshold, which is bearish for the commodity.
Bitcoin and Ethereum surged on Tuesday, with Bitcoin opening 6.7% higher and Ethereum climbing 5% as the crypto market benefits from a massive wave of short liquidations. Over $647 million in short positions were wiped out in 24 hours, fueling the rally. Meanwhile, oil prices retreated below the $100 threshold to $98.49, providing additional macro support for risk assets.
The rally is primarily driven by a massive wave of short liquidations, totaling over $647 million in short position losses, alongside a decline in oil prices.