The huge spike in bitcoin‘s price on Tuesday may have been driven in part by a squeeze on leveraged short sellers, according to market commentators.
Bitcoin jumped more than $600, or about 10%, in a short amount of time on Tuesday. The cryptocurrency broke above $7,000 for the first time in about a month thanks to the rally. It remained above that level on Wednesday, trading up 1.13% against the dollar, at $7,397.86, at noon BST (7 a.m. ET).
Tuesday’s rapid price surge didn’t appear to correlate with any immediate news, and some market commentators have pinned the rise on a short squeeze.
“The assumption is this is a combination of some sort of short squeeze and some new money coming in” to the market, Mati Greenspan, an analyst with the trading platform eToro, told Business Insider in a phone interview on Wednesday.
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