Bitcoin’s price jumps $1,000 in 20 minutes

The price of bitcoin has risen by $1,000 in just 20 minutes, sending it above $10,000. It is now sitting at $10,374, at the time of writing.

- Advertisement -

As a result, many traders were liquidated on crypto leverage trading platform BitMEX. According to Datamish, a crypto analytics company, nearly $58 million in bitcoin short positions on the platform were liquidated during the bitcoin pump. In contrast, just $20 million in long positions were liquidated a few hours earlier when the price was sliding downhill.

According to Bitcoinity, a market watching website, there was a big spike in trading volume during this price rise. More than 3,900 bitcoin was traded in one minute at 15:36, mostly in USD, worth $37 million across the crypto exchanges it accesses. To put this in perspective, just ten minutes earlier, less than 100 bitcoin was switching hands per minute. The reason? Take your pick: A whale offloading currency? Tether begins printing Tethers? Bitcoin talked about in the Senate? Mike Dudas telling his following to buy bitcoin? Who knows.

What we do know is The Block’s Mike Dudas tweeted this morning that he believes the price of bitcoin is primed to go up, and recommended to his followers that they buy bitcoin. At the time, the price was just $9,700.

Forget the McAfee effect—or the Coinbase effect—is it time for the Dudas effect?

Source

Previous Articles:

Stay in the Loop

Get exclusive crypto insights, breaking news, and market analysis delivered straight to your inbox. No fluff, just facts.

- Advertisement -

    1 Email per day. Unsubscribe at any time.

    - Advertisement -

    Latest News

    Trump Fires IRS Commissioner Billy Long After Two Months in Role

    President Donald Trump removed IRS Commissioner Billy Long just two months after his appointment.Treasury...

    Coinbase Launches Decentralized Exchange Trading in the US

    Coinbase will add decentralized exchange (DEX) trading to its app for U.S. users, except...

    Presearch 3.0 Launch, New Partnerships, Node Beta Testers Needed

    Presearch prepares to launch version 3.0, aiming to significantly expand its platform capabilities. The project...

    ICP Empowers Users With Full Control Over Their Data Online

    The growing shift to online platforms increases the amount and value of personal data...

    S&P Global Gives Sky DeFi Protocol B- ‘Junk’ Credit Rating

    S&P Global gave decentralised finance platform Sky a B- credit rating, treating it as...

    Must Read

    17 Best Audiobooks On Blockchain Technology For Beginners

    If you're looking to dive into the world of blockchain technology, you're in for a treat. The field is rapidly evolving and the potential...