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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin (BTC) Surges 5% in Minutes, Rallies Past $10,500 in Flash Pump

Nick Chong
Nick Chong
1 year ago
1 min read
bitcoin

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Volatility is back. In the past hour, Bitcoin (BTC) bulls have returned in full force, pushing the cryptocurrency from $10,100 to $10,600 in a matter of minutes.

As of the time of writing this, the cryptocurrency is up 5%, trading around $10,550. This unexpected move comes to the upside shortly after the mediocre weekly candle close.

This move comes after the Yuan started to fall against the U.S. Dollar to 7.10, implying that there may be some correlation between a devaluation in the Chinese currency and an uptick in the value of BTC.

https://twitter.com/TheCryptoDog/status/1165783172417671168

Altcoins, unfortunately, were hurt by Bitcoin’s spike. This spike brought Bitcoin dominance up by 0.5%, which, in a market worth hundreds of billions, isn’t a move that should be ignored.

Bitcoin Surges Amid Bearish Predictions

Interestingly, nobody predicted this move. In fact, most analysts have been leaning bearish, claiming that the cryptocurrency market is ready to unravel by another 30% to 40% before heading to fresh all-time highs.

As reported by NewsBTC, one analyst was recently eyeing a November 2018-esque drop that brought BTC down by 50%. Such a move seems to have been invalidated by this pump, though.

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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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