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Bitcoin climbs above $70,000 as cooler US inflation data lands

Bitcoin rebounded above $70,000 after a cooler-than-expected US producer price report, and gold rose too. The move caught many traders on the wrong side of the market.

Illustration: A single large gold coin with a plain embossed ring stands on its edge on a wet dark street at night, glowing cyan and magenta light reflected in the puddles around it.
Illustration

Crypto traders also pulled back their bets that the Federal Reserve would raise interest rates in the coming months, since the lower reading eased those expectations. Traders who had bet on falling prices, known as short bets, were caught off guard by the sudden jump.

CoinGlass data indicates roughly $39 million in short positions, which bet on falling prices, were erased in the hour after the move. One trader holding a $52 million bet on a decline is now less than 2% away from a forced liquidation, meaning a platform shuts the position to cover losses.

Bitcoin$64,248down −21.80%over 1 month
$84,082$64,12016 Oct15 Nov

Prices by CoinGecko. Past moves say nothing about future ones.

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Golddown −5.39%1 month

$1,000 in Bitcoin

Had you put $ into Bitcoin a month ago, it would be worth – now.

From the prices in the chart, before any fees or taxes. Not a suggestion to buy or sell.

GuideWhen is the next Fed meeting? The date and what futures price

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