Bitcoin Rallies 4% to Near $70,000 as Market Optimism Returns
Trending Articles- US President Donald Trump says trade will be priority in summit with Xi, not Iran
- Gold drifts higher to near $4,750 ahead of US CPI inflation release
- Gold slumps below $4,700 on Trump rejection of Iran peace proposal
- Gold edges higher to near $4,700 as Trump-Xi summit looms
- Inflation 'High Fever' Fails to Stop Rally? BTC Temporarily Loses 80,000 Mark, But Arthur Hayes Sees Peak of $126,000
- When Will the Gold Dilemma Be Resolved? Breakdown of US-Iran Negotiations Puts Gold Prices Under Pressure Again, Can It Return to $5,000?
TradingKey - Bitcoin price nears $70,000 as market bullish sentiment rebounds.
On Thursday (February 26), Bitcoin (BTC) saw a rare strong rally recently, jumping nearly 4% on the day to a high above $69,500, currently trading at $68,333. This marks the third time Bitcoin has rallied toward the $70,000 threshold since its plunge on February 5.
Bitcoin price chart, source: TradingView
The rebound in Bitcoin's price has driven gains across other major cryptocurrencies. Among them, Ethereum (ETH) surged over 7%, returning to the $2,000 mark; Ripple (XRP) rose more than 3%, currently trading at $1.42; Binance Coin(BNB) gained over 5% to $628.
The sudden strength in the crypto market caught bears off guard. In the past 24 hours, over 120,000 traders were liquidated for a total of $585 million, with short liquidations accounting for $473 million, or 81%.
Crypto market liquidation data, source: CoinGlass
Some analysts believe Bitcoin's rebound is linked to market maker Jane Street halting its sell-off. It is reported that the firm had allegedly been concentratedly selling Bitcoin at fixed times daily for several months but stopped selling after news of a lawsuit broke, easing market selling pressure and boosting investor bullish confidence.
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
