Speculators on crypto derivatives suffered significant losses in the past day, totaling around $774 million, marking the highest single-day loss of the year due to volatile market swings.
Bitcoin, the bellwether digital asset, surged to its highest level since November 2021, surpassing the $63,000 mark in a remarkable rally. However, the euphoria was short-lived as the price swiftly plummeted below $60,000, triggered, in part, by fear created by technical glitches on major exchanges like Coinbase and Binance.
Adding to the volatility, observers noted sizable Bitcoin transfers from wallets linked to funds seized by US authorities in the Bitfinex hack. The nearly $1 billion movement to undisclosed addresses fueled speculation that authorities might capitalize on the market surge to offload their holdings. However, CryptoSlate analysis suggests the movement was likely UTXO management.
Despite the turbulence, Bitcoin regained ground, rallying to $62,530 at the time of reporting, marking a
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