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The markets made a swift uturn in the early Friday session as investors weighed Fed Chair Jerome Powell's speech in Jackson Hole, Wyoming.
Powell left the door open to an interest-rate cut at the upcoming Fed meeting scheduled for Sept. 16 to 17, remarking that "the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance."
Cryptocurrencies reversed a weeklong decline, with major tokens Bitcoin and Ethereum posting gains of 3% and 7%, respectively, in the last hour. Shiba Inu likewise rose nearly 5% in the last hour and is now trading at $0.00001269, according to CoinMarketCap data.
Shiba Inu sharply rose from $0.00001202 to $0.00001287 in the early Friday session, a move that caught traders who made bullish bets off guard.
Shiba Inu rockets 2491% in liquidation imbalance
The crypto market rose within the space of an hour as investors analyzed key takeaways from Fed Chair Jerome Powell’s Jackson Hole Speech, which highlighted the potential of a rate cut at the central bank's upcoming September meeting.
The move saw $206 million in shorts liquidations in the last hour across the market as bearish traders were caught unawares.
Shiba Inu saw a sharp spike in the last hour, rising from $0.0000122 to $0.00001287 and posting a massive green hourly candlestick in the process, leading to a surge in shorts liquidations.
According to CoinGlass data, a total of $53,390 in Shiba Inu liquidations were recorded. The amount of $51,300 in short positions were liquidated, while $2,060 in longs suffered liquidation, with the disparity resulting in a 2,491% imbalance.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team