Bitcoin jumped 17% to over $4,900 in less than an hour just after midnight East Coast time on Tuesday, breathing new signs of life into the left-for-dead cryptocurrency.
“The rally seems to be purely technical in nature as bitcoin crossed a key level of $4,200 and there wasn’t any notable news that came out during this time,” wrote Mati Greenspan, senior market analyst at trading platform eToro, in an email. “CME bitcoin futures expired last Friday,” he noted in an email to Barron’s. “A large chunk of positions were rolled into the new front month BTC futures contract. Over the weekend, heavy spot bitcoin and over-the-counter buying followed the bitcoin futures contract expiration pushing BTC price up slowly and gradually. As the price moved up in increments, over $500 million shorts have been liquidated on leveraged crypto derivatives trading platforms around the world.
Bitcoin had spent much of the winter between $3,600 and $4,000 before crossing over $4,000 last week. It traded at about $4,100 for much of Monday before the surge. After hitting $4,961.78, based on Coindesk’s price chart, it slipped back to about $4,800, where it was trading around 10 a.m. ET on Tuesday.
The bitcoin fanboys just got hard 🍆💵📈
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