Bitcoin explodes to $24.7k as markets stabilize after massive FUD
- According to a report, traders betting on price moves were responsible for liquidating $65 million worth of Bitcoin in the last 24 hours.
- Bitcoin worth $60 million was found to be in short positions.
Bitcoin has shifted into the zone of bullish sentiment as investor confidence continues to soar. The asset is trading at $24,494 after breaking a key resistance point to gain 8.9 percent in the past 24 hours. Investors have enjoyed a weekly gain of 8 percent on their portfolio as the asset rose to $30k.
Last time BTC hit above $24,500 is August 2022. Several factors have been linked to the rally, but short-selling investors are believed to be the main driving factor.
According to a report, traders betting on price moves were responsible for liquidating $65 million worth of Bitcoin in the past 24 hours. Interestingly, $60 million worth of Bitcoin was found to be in short positions. This increase follows the tepid consumer price index that created less anxiety about the future of the US economy and the next monetary policy move by the Feds.
Altcoins join Bitcoin (BTC) in mini-rally
Another crypto that saw an interesting rally is ETH which went past $1,700 before falling back to $1,684. The asset rose by more than 8 percent in the past seven days. Altcoins including YGG, the symbol of the play-for-profit gaming guild Yield Guild Games, and NEAR, the native crypto of smart contract platform Near Protocol, rose 11 percent each during the day.
The CoinDesk Market Index (CMI), which measures the broader digital asset market’s performance, rose 10 percent. With Rich Dad Poor Dad author Robert Kiyosaki predicting a massive market correction before taking off to reach $500k by 2025, Joey Krug, investor and co-founder of Augur and Eco also believes that Bitcoin bottomed last June.
The markets had bottomed back in June last year. There are likely to continue to be some notches in the markets as inflation is not moving as fast as people hoped. My view is that things were oversold last summer and that things are finally coming back. The second half of the year is going to be bullish for crypto. Most people who are going to sell crypto have already sold.
Blur token sees an increase in trading volume
Blur, a token of the NFT market, recorded a trading volume of over $500 million in less than 24 hours. According to the token’s airdrop tracking site, Dune Analytics, 320 million of the 360 million total airdropped blur tokens, representing about 90 percent of the airdrop, were distributed to users.
Last year, nearly $1.4 trillion was wiped from the crypto market after a series of bankruptcies and project failures. In the wake of the regulator’s crackdown, Yuya Hasegawa, an analyst at Japanese crypto firm Bitcoin Bank, believes there is a shift from altcoins to Bitcoin.
No spam, no lies, just insight. You can unsubscribe at any time.
Wednesday’s crypto rally was a bit of a surprise, but one thing stood out: it was led by bitcoin. The current regulatory environment certainly looks like a headwind for the crypto market, but it seems that some money is moving from altcoins to bitcoin since bitcoin is the only cryptocurrency labeled as a “commodity” by the SEC chief. Consequently, bitcoin’s market dominance is on the rise.
Crypto News Flash does not endorse and is not responsible or liable for any content, accuracy, quality, advertising, products or other material on this site. Readers should do their own research before taking any action related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned.
