The price of the flagship cryptocurrency Bitcoin has recently hit a $70,000 high on the decentralized exchange PulseChain, catapulting from its current price level of around $27,000 in a flash surge.
In an electrifying 20 minutes, the price skyrocketed, presenting a stark contrast to the cryptocurrency’s spot value of $27,000. However, the meteoric rise proved transient, enduring only for a fleeting ten minutes.
Close scrutiny of the trading patterns suggested that the volatile price action could be attributed to the relatively low liquidity of the wrapped Bitcoin (WBTC) token, a digital asset pegged to Bitcoin that circulates on the Ethereum ($ETH) network.
Dexscanner, a comprehensive platform that offers real-time insights into liquidity and trading volumes across decentralized exchanges, noted a trading volume approximating $19.8 million in the preceding 24 hours as a trading frenzy ensued.
Earlier this month, the price of Bitcoin saw an unexpected and brief surge on Bitfinex’s perpetual swaps, after its price rose to $56,000, significantly surpassing levels seen on other platforms and Bitfinex’s exchange just moments before and after the event.
A sudden increase in trading volume accompanied the price spike then. When it occurred on Bitfinex’s BTC perpetual contracts, trading volume rose to 322 BTC, or $9.1 million, accounting for around a quarter of the daily volume of the trading pair. The flash rally resulted in the liquidation of some traders’ positions, as per data from Bitfinex’s trading platform.
Despite the flash rally, various analysts are bullish on the flagship cryptocurrency. As CryptoGlobe reported Arthur Hayes, Co-Founder and former CEO of crypto derivatives exchange BitMEX, has reaffirmed he believes that the price of the flagship cryptocurrency will skyrocket to over $1 million.
Late last month it was revealed that the small kingdom of Butan, known for measuring Gross National Happiness, has been running a thriving Bitcoin mining operation.
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