Bitcoin and Ethereum Explode, Wrecking Over $250M in Shorts in an Hour

The cryptocurrency market is on the move again on Friday, but this time in the right direction. Just an hour or so after the US CPI data came out, which initially pushed all assets south, BTC has exploded out of the gate, surging to almost $80,000.

Ethereum has stolen the show, posting a massive 8% surge on a daily scale (and over 5% in the last hour alone). Just minutes ago, ETH topped $2,660 for the first time since late January, before it was stopped and pushed south slightly. ETHUSD September 11.

Source: TradingView A lot can change in the cryptocurrency markets very quickly, sometimes in just an hour or so.

Recall that less than two hours ago, the overall market structure was quite bearish, with experts anticipating the last nail in the Fed’s rate coffin – the US CPI data.