{"id":37438,"date":"2024-03-31T02:54:10","date_gmt":"2024-03-31T06:54:10","guid":{"rendered":"https:\/\/usa.businessupturn.com\/?p=37438"},"modified":"2024-03-31T02:54:10","modified_gmt":"2024-03-31T06:54:10","slug":"cryptocurrency-market-rebounds-following-bitcoins-retreat-from-record-high","status":"publish","type":"post","link":"https:\/\/www.businessupturn.com\/usa\/cryptocurrency-market-rebounds-following-bitcoins-retreat-from-record-high\/37438\/","title":{"rendered":"Cryptocurrency Market Rebounds Following Bitcoin\u2019s Retreat from Record High"},"content":{"rendered":"

Cryptocurrencies<\/span> made<\/b><\/span> a<\/span> strong<\/span> comeback<\/b><\/span> on<\/span> Wednesday,<\/span> making<\/b><\/span> up<\/b><\/span> much<\/span> of<\/span> the<\/span> ground<\/span> lost<\/span> in<\/b><\/span> the<\/span> previous<\/span> day\u2019s<\/span> selloff<\/b><\/span>caused<\/b><\/span> by<\/span> Bitcoin\u2019s<\/b><\/span> pullback<\/b><\/span> from<\/span> all-time<\/span> highs.<\/b><\/span> Bitcoin<\/span> led<\/span> the<\/span> session<\/b><\/span> following<\/b><\/span> significant<\/b><\/span> gains<\/span> in<\/span> Ethereum<\/b><\/span> and<\/span> other<\/span>major<\/span> altcoins,<\/span> indicating<\/b><\/span> renewed<\/span> activity<\/b><\/span> in<\/span> the<\/span> market.<\/b><\/span><\/p>\n

Bitcoin<\/b><\/span> rose<\/b><\/span> 7.9%<\/b><\/span> to<\/b><\/span> $67,273.54<\/b><\/span> on<\/b><\/span> Tuesday,<\/b><\/span> breaking<\/b><\/span> a<\/span> new<\/span> record<\/span> for<\/b><\/span> a<\/span> short<\/b><\/span> time,<\/b><\/span> according<\/span> to<\/span> Coin<\/span> Metrics.<\/span> Ethereum<\/b><\/span>rose<\/b><\/span> more<\/b><\/span> than<\/b><\/span> 13%<\/span> to<\/span> $3,872.56,<\/span> reaching<\/span> its<\/span> highest<\/span> level<\/span> since<\/span> January<\/span> 2021.<\/span> Tuesday\u2019s<\/b><\/span> sell-off<\/span> comes<\/b><\/span> after<\/b><\/span> Bitcoin<\/b><\/span> broke<\/b><\/span>to<\/span> an<\/b><\/span> all-time<\/span> high<\/span> for<\/b><\/span> the<\/b><\/span> first<\/b><\/span> time<\/b><\/span> since<\/span> November<\/span> 2021.<\/b><\/span><\/p>\n

Enclave<\/b><\/span> Markets<\/span> CEO<\/span> David<\/span> Wells<\/span> says<\/b><\/span> \u2018correct<\/b><\/span> adjustment\u2019<\/b><\/span> after<\/b><\/span> Tuesday\u2019s<\/span> sell-off<\/span> for<\/b><\/span> several<\/b><\/span> years<\/b><\/span> It<\/b><\/span> is<\/b><\/span> expected<\/b><\/span> to<\/b><\/span> be<\/b><\/span>repeated<\/b><\/span> at<\/b><\/span> the<\/b><\/span> top,<\/b><\/span> demonstrating<\/b><\/span> the<\/b><\/span> importance<\/b><\/span> of<\/span> the<\/span> large<\/b><\/span> option<\/b><\/span> position<\/b><\/span> in<\/b><\/span> the<\/span> dynamic<\/b><\/span> market.<\/b><\/span><\/p>\n

Market<\/b><\/span> data<\/span> from<\/span> CoinGlass<\/span> shows<\/b><\/span> significant<\/span> trading<\/b><\/span> in<\/span> both<\/span> short<\/span> and<\/span> long<\/span> positions<\/span> on<\/span> the<\/b><\/span> centralized<\/span> exchange,<\/b><\/span> with<\/span> short<\/b><\/span>liquidations<\/b><\/span> of<\/b><\/span> $100<\/span> million<\/span> and<\/b><\/span> long<\/b><\/span> liquidations<\/span> of<\/b><\/span> $236<\/span> million<\/span> in<\/span> the<\/span> last<\/b><\/span> 24<\/span> hours.<\/span> This<\/span> dynamic<\/span> is<\/span> attributed<\/span> to<\/span> traders<\/span> using<\/b><\/span>leverage<\/span> to<\/span> close<\/span> positions<\/span> during<\/b><\/span> price<\/span> fluctuations.<\/b><\/span><\/p>\n

Coinbase<\/b><\/span> research<\/b><\/span> department<\/b><\/span> head<\/span> David<\/b><\/span> Duong<\/b><\/span> pointed<\/b><\/span> out<\/b><\/span> that<\/b><\/span> there<\/b><\/span> is<\/b><\/span> a<\/b><\/span> correlation<\/b><\/span> between<\/b><\/span> the<\/span> site\u2019s<\/b><\/span> profitability<\/b><\/span>and<\/span> long-term<\/b><\/span> business,<\/b><\/span> which<\/b><\/span> is<\/b><\/span> an<\/b><\/span> indication<\/b><\/span> that<\/b><\/span> aftermarket<\/b><\/span> business<\/b><\/span> is<\/b><\/span> resuming.<\/b><\/span> He<\/b><\/span> is<\/b><\/span> confident<\/b><\/span> that<\/b><\/span> the<\/b><\/span> work<\/b><\/span> will<\/b><\/span>not<\/b><\/span> have<\/b><\/span> a<\/span> major<\/b><\/span> external<\/b><\/span> impact<\/b><\/span> in<\/span> the<\/span> short<\/b><\/span> term.<\/b><\/span><\/p>\n

<\/b><\/span>Alongside<\/b><\/span> Bitcoin\u2019s<\/b><\/span> comeback,<\/b><\/span> other<\/span> cryptocurrencies<\/span> have<\/b><\/span> also<\/span> made<\/b><\/span> significant<\/b><\/span> gains.<\/span> Binance<\/span> Coin<\/b><\/span> increased<\/b><\/span> by<\/b><\/span> 12%,<\/span>Solana<\/span> increased<\/b><\/span> by<\/b><\/span> 9.5%,<\/span> and<\/span> memecoins<\/b><\/span> such<\/span> as<\/span> Dogecoin<\/b><\/span> and<\/span> Shiba<\/span> Inucoin<\/b><\/span> increased<\/b><\/span> by<\/b><\/span> 18%<\/span> and<\/span> 21%<\/b><\/span> respectively.<\/b><\/span><\/p>\n

<\/b><\/span>Positive<\/b><\/span> momentum<\/span> continued<\/b><\/span> in<\/b><\/span> crypto-related<\/span> stocks;<\/b><\/span> Coinbase,<\/span> Microstrategy<\/b><\/span> and<\/span> Cipher<\/span> Mining<\/span> recorded<\/b><\/span> significant<\/span>gains.<\/span> Additionally,<\/span> mining<\/span> companies<\/b><\/span> such<\/b><\/span> as<\/b><\/span> Iris<\/span> Energy<\/span> and<\/span> CleanSpark<\/span> saw<\/b><\/span> significant<\/b><\/span> increases<\/b><\/span> in<\/span> their<\/span> share<\/b><\/span> prices.<\/b><\/span><\/p>\n

Despite<\/b><\/span> recent<\/b><\/span> changes,<\/b><\/span> the<\/span> global<\/b><\/span> cryptocurrency<\/span> market<\/span> continues<\/span> to<\/span> attract<\/span> investor<\/span> interest,<\/span> driven<\/b><\/span> by<\/span> continued<\/b><\/span> adoption<\/span>and<\/span> participation<\/b><\/span> in<\/b><\/span> the<\/b><\/span> company.<\/b><\/span> The<\/span> recovery<\/b><\/span> following<\/span> Tuesday\u2019s<\/span> sell-off<\/span> has<\/b><\/span> revealed<\/b><\/span> the<\/span> strength<\/b><\/span> and<\/span> potential<\/span> of<\/b><\/span> the<\/span>cryptocurrency<\/b><\/span> space.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and altcoins surge after brief sell-off, sparking optimism among investors<\/p>\n","protected":false},"author":331,"featured_media":36921,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[3925,4745],"class_list":["post-37438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","tag-bitcoin","tag-tech"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/37438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/users\/331"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/comments?post=37438"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/37438\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media\/36921"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media?parent=37438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/categories?post=37438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/tags?post=37438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}