Bitcoin rallies too Two-Week High Amid market Volatility
Bitcoin is currently experiencing a rally, reaching a two-week high of approximately $94,000 – a 2.6% increase for today’s session and the highest intraday level since November 17th. Ether and other major cryptocurrencies are also showing gains, signaling a potential recovery from the recent market downturn.
However, the digital asset market remains unstable following a significant decline that began in early october, wiping out over $1 trillion in market value after Bitcoin previously reached a record high above $126,000.
this week has seen considerable price swings. Initial declines were triggered by concerns surrounding Strategy (formerly MicroStrategy) and potential cryptocurrency sales to cover debts, though Strategy later announced a $1.4 billion cash reserve.Comments from the Bank of Japan’s governor,hinting at potential rate hikes,also contributed to downward pressure as japanese investors may shift funds towards higher-yielding domestic bonds.
The market rebounded mid-week following news of the Securities and exchange Commission’s plans to reveal measures for an “innovation exemption” for digital asset companies,and Vanguard Group’s decision to allow cryptocurrency-focused ETFs and mutual funds on its platform.
This latest rally has resulted in approximately $400 million in liquidations of bearish bets across various tokens in the last 24 hours, according to Coinglass data.
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