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Crypto relief: Bitcoin jumps 10% as it bounces from 10-month low

Crypto relief: Bitcoin jumps 10% as it bounces from 10-month low

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Bitcoin surged more than 10% on Friday afternoon as the crypto strengthened amid a broad rally in stocks. The flagship cryptocurrency hit an intraday high of $21,383 on major crypto exchanges, according to data from CoinGecko, from a 24-hour low of $19,210.

Why is the price of Bitcoin going up?

In a CNBC report highlighting the gains, CNBC Business News’ Kate Rooney said the world’s largest cryptocurrency by market capitalization has rallied after hitting a 10-month low earlier this week.

Bitcoin’s rally comes as the US dollar weakened against a basket of major global currencies after continuing to strengthen. But as the dollar index fell on Friday, Bitcoin (BTC/USD) looked to add to Thursday’s rally from below $20,000.

As Bitcoin moves forward amid dollar woes, the CNBC anchor noted:

It has been particularly sensitive to the dollar’s rise in recent months. You can see the inverse correlation on the chart getting stronger in May or so”, he remarked. In the chart he was referring to, the price of bitcoin falls below $30,000 and continues to fall, even as the US dollar rallied amid the crypto market crash.

Another factor that contributed to BTC’s bear market rally has been the sharp rise in short liquidations. Just in the last 24 hours or so, nearly $343 million worth of crypto shorts were liquidated – the largest short liquidations in over a month, according to Coinglass data.

As reported, Bitcoin’s price jump above $21,000 also comes as the biggest crypto news of the day saw Sam Bankman-Fried’s crypto exchange FTX acquire a 30% stake in SkyBridge Capital. Anthony Scaramucci’s SkyBridge adds $40 million worth of cryptocurrencies to its balance sheet.

The post Crypto relief: Bitcoin jumps 10% as it bounces off 10-month low appeared first on Invezzi.

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