Max Keiser, former trader, podcaster, and Bitcoin maximalist has taken to Twitter to share that he expects the leading digital currency to break above the $30,000 level.
He also took a jab at the founder of Binance, Changpeng Zhao (famous in the crypto space as CZ), mentioning “CZ’s shorts”.
Bitcoin jumps to $26,000, here come “CZ’s shorts”
Earlier today, the flagship crypto soared well above the $26,000 level and $314.24 million worth of crypto was liquidated over the past 24 hours. The majority of these positions, over 81 percent, were short ones. This was the highest rise of Bitcoin since June 2022.
The biggest amount of liquidations was made on Binance – $99.9 million. 77.38 percent of those were short positions. This is what, apparently, Keiser was referring to, when talking about “CZ’s shorts”.
The likely reason behind the sudden surge of Bitcoin was the released February Consumer Price Index (CPI) – it has seen an inflation drop from 6.4% to 6.0% on the YOY basis over January as was expected by economists.
Now, market participants are expecting the Fed to cut down its upcoming March rate hike to 0.25 percentage points instead of a regular rise of 50.
Other drivers pushing BTC high up
Prior to this massive rise, Bitcoin price was hit hard by the recent collapse of two banks – Silvergate Bank and Silicon Valley Bank (SLV). It was followed by the crash of Signature Bank. All three banks were friendly to crypto companies serving as banking partners to them.
However, the US government assured that investors would have full access to their funds at SLV and Signature Bank, despite the shutdown. This also contributed to the rise of Bitcoin, as well as the recent fact that Binance converted 1 billion of its stablecoin BUSD into Bitcoin, Ethereum, and BNB. This was likely to support the buying pressure as BTC reached $26,500.