Ethereum
Ethereum High On Relief Rally, Gains 6% In 24 Hours
Ethereum High on Relief Rally, Gains 6% in 24 Hours Ethereum rose 5.96% to $2,429.69 on Thursday, outperforming Bitcoin’s 3.61% gain, as a market-wide relief rally and a major short squeeze followed the U.S. midterm election results. Market analysts attribute the movement to a post-election relief rally and short squeeze, as markets reassessed the impact of a Democratic sweep in Congress, triggering over $236 million in ETH liquidations (55.9% shorts). Initial selling pressure followed the Democratic Party’s win in both chambers, raising fears that crypto-friendly legislation would be delayed. As this uncertainty faded, a sharp rebound triggered cascading liquidations. Over...
MarketForces Africa4 min read
