Bitcoin Soars 8%, Reaches Two-Week High Above $24K

• Bitcoin surged past $24,000 for the first time in two weeks after rising 8% over the past 24 hours.
• Traders liquidated some $60 million of BTC short positions, contributing to the surge.
• Ether (ETH) was up 5.5%, while crypto-related stocks such as Coinbase, Marathon Digital Holdings and MicroStrategy rose significantly.

Bitcoin Soars Past $24K to Reach 2-Week High

Bitcoin surged past $24,000 for the first time in two weeks after rising 8% over the past 24 hours. This percentage increase was the largest since BTC jumped 10.5% on Sept. 9 and likely resulted from traders liquidating some $60 million of BTC short positions, pushing the price higher Wednesday.

Liquidation of Short Positions Sparks Price Increase

Data from crypto data provider Coinglass showed that traders who bet on price shifts liquidated some $65 million of bitcoin over the past 24 hours, from which about $60 million were in short positions. This could have contributed to Bitcoin’s surge above its recent peak price level and pushed it towards a new 2-week high at around $24,100 by Wednesday afternoon before retreating slightly afterwards.

Crypto-Related Stocks Also Jump

Crypto-related stocks also experienced a jump in value with both exchange Coinbase (COIN) and bitcoin miner ​​Marathon Digital Holdings (MARA) increasing 15%. Business software company MicroStrategy (MSTR), another major BTC holder, recently rose more than 9%.

Market Reacts Positively to U.S.’s CPI Print

Lucas Outumuro, head of research at blockchain analytics firm IntoTheBlock said that investors also found reason for optimism in Tuesday’s tepid U