On February 4, Bitcoin (BTC) returned to $40,000 for the first time in two weeks, as Wall Street turbulence aided BTC bulls. BTC/USD unexpectedly jumped beyond $40,000 on February 4, just two hours after Wall Street opened, according to data from Cointelegraph Markets Pro and TradingView. The pair had gained $3,000 in two hours at the time of writing, an unusually strong performance that caused severe pain to short sellers. BTC liquidations were $50 million over the last four hours, according to on-chain monitoring resource Coinglass, while cross-crypto liquidations surpassed $100 million.
“Well, I think people start feeling FOMO,” Cointelegraph contributor Michaël van de Poppe commented.
Despite the company’s fundamental facts contradicting its share performance, the Wall Street session opened with additional gains for big mover Amazon, helping to drive the crypto boom. In the midst of a perplexing short-term market, many traders took advantage of the chance to restate longer-term price objectives.
Altcoins followed suit, with Ether (ETH) surging beyond the $3,000 level by more than 10% on the day. The last time ETH/USD traded at its critical psychological level, along with Bitcoin, was on January 21, and it was closer to $2,000 just over ten days ago.
Others in the top ten cryptocurrencies by market cap were up, with Solana (SOL) posting the biggest daily gains, approaching 13 percent.