September 22, 2020

Bitcoin price suddenly returned to levels above $ 8600

Today, October 25, the price of the first cryptocurrency made a sharp jump above the $ 8600 mark.

In the chart below it can be seen that a sharp movement of more than $ 1000 (> 15% from previous marks in the region of $ 7400) occurred against the backdrop of a significant increase in trading volumes:

Bitcoin price suddenly returned to levels above $ 8600

Four-hour chart of BTC / USD exchange Bitstamp from TradingView

According to the Rekto service, over the past 24 hours, positions at $ 200 million were liquidated on the largest crypto-derivative exchange BitMEX, and over the last hour more than $ 28 million.

In turn, a new record was fixed at the regulated supply market of Bakkt futures - 770 BTC in trading volume over the last day.

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According to the “tradition”, altcoins grow along with digital gold:

Bitcoin price suddenly returned to levels above $ 8600

Data: CoinMarketCap

It is noteworthy that against the backdrop of a sharp recovery in the market, the stablecoin Tether lost parity with the underlying American dollar.

ForkLog previously reported on large transactions with Tron (TRX) related to the migration of USDT tokens from one blockchain to another and, presumably, with an increase in Tether's market supply.

Also earlier today, a statement was announced by President Xi Jinping in support of blockchain technology. It is possible that it had a positive effect on market sentiment.