Bitcoin Crypto Rally Up Over 10% On Friday Afternoon Amid Widespread Gains shares, According to data from CoinGecko, the flagship cryptocurrency reached a high of $21,383 on major cryptocurrency exchanges, against its 24-hour low near $19,210.
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Why is the price of bitcoin rising
in a CNBC report good Highlighting the gains, CNBC Business News’ Kate Rooney said the world’s largest cryptocurrency by market capitalization has broken higher after rebounding from a hit 10-month low earlier in the week.
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Bitcoin rally comes as U.S. Dollar It eased after an extended strengthening against a basket of major global currencies. But Bitcoin (BTC/USD) indicated a downside move below $20,000 on Thursday, with the dollar index declining on Friday.
On bitcoin hitting further gear as the dollar struggles, the CNBC anchor observed:
,It has been particularly sensitive to the rising dollar in recent months. You can see that the inverse correlation is rising on the chart in May or so,” she noted. The chart she was referring to shows that the price of bitcoin is falling below $30k despite the US dollar rising amid the crypto market crash.
Another factor that drives some bear market rally as BTC picks up is the strong uptick in short liquidations. According to data from Coinglass, in the past 24 hours, approximately $343 million in crypto shorts were liquidated – the largest short liquidation in over a month.
as informed ofBitcoin price jump above $21k also comes as Sam Bankman-Fried’s crypto exchange FTX in today’s biggest crypto news revealed that it has acquired a 30% stake in Skybridge Capital. Anthony Scaramucci’s Skybridge is about to add $40 million worth of cryptocurrency to its balance sheet.
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