Bitcoin Pumps as Fed Signals Rate Pause, $415 Million in Shorts Get Rekt

BREAKING: Bitcoin reclaims $80,000, up nearly 3% on the day, as Fed's Waller signals support for a rate pause, wiping out over $415 million in short positions.

Four hundred and fifteen million dollars in Bitcoin shorts just went up in smoke.

Bitcoin is back above eighty thousand, trading near eighty thousand two seventy and up almost three percent on the day. The trigger came from Washington. Fed Governor Christopher Waller, that's him here, said he could support holding rates steady. Traders heard pause and hit buy. Per CME FedWatch, the odds of a September hike dropped to fifty percent, from sixty three just a day earlier.

And the short sellers paid for the party. CoinGlass counts over five hundred million in crypto liquidations in twenty four hours, and more than four hundred and fifteen of that was people betting on a drop, forced to buy back at worse and worse prices. XRP, Ethereum and BNB rallied right alongside, and stocks joined in too.

One sentence from one Fed governor, and half a billion dollars changed hands. That's the market we live in.

This is Sara White, reporting for HIT.