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Bitcoin rises as Fed rate pause signals spark a short squeeze

Short sellers took a hit as crypto and stocks rallied together following Fed Governor Christopher Waller’s comments that he could support holding rates steady.

Reported · Written up by our desk · Market Structure

Stocks and crypto rallied together after Fed Governor Christopher Waller signaled that he could support holding interest rates steady, helping ignite a broader risk-on move, according to Decrypt.

The surge also triggered losses for traders positioned short, with Decrypt reporting that about $415 million in shorts was “rekt” as prices squeezed those positions.

Decrypt said the rally reflected a shift in expectations around the Fed’s next steps, with the squeeze concentrated among short sellers.

Latest closeBitcoin $81,004.44 ▲4.8%

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