The Bitcoin (BTC) price jumped more than 10% over 24 hours and exceeded 24,500 dollars in the night. A level that the queen of cryptos had not reached since summer 2022.
While U.S. regulators just froze one of the largest stablecoins in the ecosystem, prices on the crypto market soared on Wednesday and continued to climb overnight.
At around 1 a.m., the price of Bitcoin (BTC) rose above 24,750 dollars on several exchange platforms. It is currently trading around $24,700, up 11,3% over 24 hours, at the time of publishing this article.
The first cryptocurrency on the market had not reached this level since last summer and more precisely in the month of August 2022. The vast majority of crypto stocks have also risen in the last 24 hours. Ethereum (ETH) is up 9% to around $1,690.
The rally on BTC follows Tuesday’s release of the US consumer price indexes for January, which were fairly well digested by investors. The correlation between Bitcoin and traditional exchanges, including the Nasdaqwas strongly marked in 2022.
Analysts also point out that short sellers could be partly responsible for the movement. According to Coinglass, 64.5 million of short positions in Bitcoin were liquidated on Wednesday.
As mentioned above, the rise comes despite several actions by US regulators this month.
Earlier this week, U.S. regulators forced the publisher of the BUSD, Paxos, to stop the issuance of new tokens. The stablecoin had been launched in partnership with Binance, the world’s number one crypto-trading company. Its capitalization, which still reached $16 billion on Monday, has since melted to $14.2 billion.
Last week, Krakenanother large exchange, was sanctioned by the American stock exchange regulator and had to stop its staking offer in the United States.
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