Crypto Market: A Sudden Bounce Back

Crypto prices have made a surprising comeback after a recent slump. Bitcoin, Ethereum, and XRP have all seen significant gains in the last 24 hours. Bitcoin has climbed back above $90, 000, marking its highest point since last week. It even came close to its biggest single-day gain since May. This sudden rise has caused a wave of liquidations. Over $157 million worth of Bitcoin short contracts were liquidated, and the total across all crypto derivatives was more than $312 million. Trading volume has also more than doubled, reaching over $92 billion. Ethereum and XRP have also seen gains. Ethereum, which is about to undergo a network upgrade, has jumped nearly 10%. It briefly surpassed $3, 000 for the first time since Sunday. XRP has also seen a 7. 3% increase, currently trading at $2. 14. However, analysts warn that the crypto market is still unstable. The outcome of the Federal Open Market Committee's meeting next week could greatly impact Bitcoin's performance. The U. S. central bank recently ended its quantitative tightening program and injected $13. 5 billion to ease liquidity strains. This move is seen as a short-term fix rather than a major policy change. Looking ahead, there's a 91% chance that the FOMC will approve a 25 basis point cut next week, according to predictions. Crypto prices often follow the flow of assets in and out of exchange-traded funds. In the past week, Bitcoin, Ethereum, and XRP ETFs have rebounded, adding over $1 billion.