Bitcoin and Ethereum Explode, Wrecking Over $250M in Shorts in an Hour

Bitcoin and Ethereum surged after the latest U.S. CPI report, quickly reversing an initial dip. Within about an hour of the data release—after markets briefly moved lower—BTC jumped to nearly $80,000, while ETH posted an 8% daily gain and more than 5% in the last hour. Ethereum briefly topped $2,660 for the first time since late January before pulling back slightly. The article says the fast rebound followed bitcoin’s drop from above $77,000 to a weekly low near $76,000, as the CPI largely matched expectations. CoinGlass data cited over the past hour showed more than $250 million in short positions liquidated, with over half in ETH, bringing total wiped-out positions to about $660 million and nearly 100,000 traders affected.