Bitcoin Price Jumps on Monday, Spurring Market Analysis coincides with Tether’s minting activity, By Wednesday moring, the coin has bounced off the $42,800 support after a brief consolidation on Tuesday.
Bitcoin rose above $47,000 in the early hours of Tuesday, the highest level since late December, as the cryptocurrency market witnessed a massive liquidation of both long and short positions. Bitcoin gained 7.32% in the last 24 hours, while more than $283 million worth of trades were liquidated across major exchanges.
Bitcoin SV (BSV) unleashed a jaw-dropping 65% rally in a single day, leaving onlookers bewildered and market analysts scrambling for explanations. Fueled by a sudden surge in buying pressure from South Korean traders, the once-beleaguered cryptocurrency catapulted from $42 to a dizzying high of $69 before settling back slightly. The unexpected eruption fueled speculation about renewed interest in BSV’s contentious hard fork of Bitcoin and its claims of superior scalability and transaction processing power. However, some remain cautious, attributing the surge to potential market manipulation or short-squeeze dynamics within the Korean exchanges.