Decrypt’s Art, Fashion, and Entertainment Hub.
Discover SCENE
Bitcoin and other major cryptocurrencies are suddenly flying high on Tuesday, surging in value ahead of Wednesday’s Federal Reserve meeting conclusion that’s widely expected to bring a third interest rate cut. And that’s led to a growing pile of short positions getting liquidated—a rarity of late.
Bitcoin was recently trading above $94,400, the highest price registered since mid-November, according to price aggregator CoinGecko. The price of the leading cryptocurrency had been hovering around the $90,000 mark prior to Tuesday morning’s spike, with the coin now showing a 5% climb over the past 24 hours. It’s now up about 4% on the week.
Altcoins are faring even better, however, with Ethereum extending its recent rebound with an 8% daily spike to a recent price of $3,359, pushing its weekly gain to more than 16%—the largest spike among the top 10 cryptocurrencies during that span.
XRP, meanwhile, is up about 5% on the day to $2.17, with Solana rising 6% to $144 and Dogecoin up 6% to $0.15.
Crypto traders betting on the future performance of top assets are being hit with liquidations on Tuesday, and while most of the major liquidation days in recent months have been focused on long positions hit by falling prices, it’s mostly shorts getting pummeled on the day.
Over $376 million worth of positions have been liquidated over the last day, per data from CoinGlass, with shorts making up $297 million of those. Bitcoin currently dominates the crypto carnage, accounting for about $153 million worth of impacted positions, with Ethereum next up at $110 million.
What’s driving Tuesday’s price surge? The Federal Open Markets Committee (FOMC) began its latest meeting on Tuesday, with the gathering expected to produce the year’s third rate cut when the meeting ends on Wednesday. According to CME FedWatch data, interest rate traders currently project a nearly 90% chance that the Fed issues another 25 bps rate cut.
Bitcoin and other risk assets typically perform well in a low interest rate environment, though Tuesday’s crypto surge could mean that traders are buying the rumor—with plans to sell the news on Wednesday.
Users on Myriad—a prediction markets platform operated by Decrypt’s parent company, Dastan—are increasingly bullish on the prospect of Bitcoin returning to a price of $100,000 sooner than it will crash to $69,000, giving the spike a nearly 80% chance as of this writing. That mark has climbed by 9% over the last day.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
XRP Could Struggle in 2026 — Why Some Holders Are Quietly Switching to Bitcoin Everlight Shards
The SEC lawsuit against Ripple that was compressing XRP sentiment for many years has finally concluded a few months back. Exchanges that had previously delisted the cryptocurrency are now back offering it. And yet, the token has spent the first few months of this year trading sideways, while the b
CryptoPotato23m ago
‘Bitcoin Is Not Looking Great’: Why Top Analysts Are Warning BTC Could Plunge Further
Bitcoin tried and failed at $76,000 last week and $72,000 a few days ago. It was rejected in its tracks at both attempts, and the Friday correction pushed it south to a four-week low of $65,500.
Although it has recovered some ground since then and currently trades above $66,000, most analysts on
CryptoPotato26m ago
BTC drops 0.60% in 15 minutes: whales concentrate on transfers while leverage liquidations sync up, unleashing sell pressure
Between 17:15 and 17:30 (UTC) on 2026-03-31, BTC fell 0.60% within a 0.87% trading range. The price dropped from 68,586.0 USDT to 67,990.0 USDT. Volatility increased within the 15-minute window, and market attention rose. Trading volume in the short term surged significantly, reflecting the market’s heightened focus on structural disruptions during this period.
The main drivers of this disruption are a sharp spike in whale transfer frequency and a synchronized increase in on-chain funds flowing into exchanges. Whales (holdings > 1000 BTC) are active; all exchanges witnessed high transfer activity, indicating significant institutional or large investor participation.
GateNews1h ago
Bitcoin, stocks rise, oil slides, after report of Iran's willingness to end conflict
Bitcoin rose to $68,169.65, gaining nearly 2%, alongside U.S. stocks as Iran’s President hinted at potential conflict resolution. This sparked optimism, easing fears of disruptions in oil supply and negative impacts on global markets.
CoinDesk1h ago
