Former trader, podcaster, and Bitcoin maximalist Max Keiser shared on Twitter that he believes the Bitcoin price will surpass the $30,000 mark. He also made fun of Binance’s founder, Changpeng Zhao (commonly known as CZ), by referring to “CZ’s shorts”.
Squeeze the f*** out of CZ pic.twitter.com/fodGTlWBGj
— Max Keiser, Sr. Bitcoin Adv. to Pres. Bukele 🇸🇻 (@maxkeiser) March 14, 2023
AZCoin News reported that the leading cryptocurrency has spiked above $26,000, and $314.24 million worth of cryptocurrencies have been liquidated in the last 24 hours. The majority of these positions, more than 81 percent, are short positions. This is Bitcoin’s highest gain since June 2022.
The largest amount of liquidation made on Binance was -$99.9 million. 77.38% of which are short positions. This is what Keizer referred to when talking about “CZ shorts”. The likely reason behind Bitcoin’s sudden rise is the Consumer Price Index (CPI) released in February – it saw inflation fall from 6.4% to 6 .0% on a year-on-year basis in January, as economists expected.
Market participants now anticipate that the Fed will reduce its forthcoming rate hike in March from the usual rise of 50 basis points to 0.25% points.
Before this significant increase, the Bitcoin price was severely impacted by the recent failure of two banks, Silicon Valley Bank and Silvergate Bank (SLV). The collapse of Signature Bank followed it. All three banks were accommodating to cryptocurrency startups acting as their financial partners.
Notwithstanding the shutdown, the US government guaranteed investors would still have full access to their money at SLV and Signature Bank. This helped Bitcoin gain popularity, as did the recent conversion by Binance of 1 billion of its stablecoin BUSD into Bitcoin, Ethereum, and BNB. As BTC surpassed $26,500, this would probably reinforce the purchasing push.
Read more:
- Cryptocurrency Liquidations Exceed $300 Million As Bitcoin Surges Beyond $26,000
- Breaking: Bitcoin Surges Past $26,000 As US CPI Reveals Annual Inflation Rate Of 6% In February
- Fed’s Decreased Likelihood Of Rate Hike May Affect Cryptocurrency Market In The Next Week