Bitcoin has sparked a market wide recovery movement, leading to a 3.8% surge in the global cryptocurrency market value, and with increasing purchasing power, trading volume has surged
Bitcoin has sparked a market wide recovery movement, leading to a 3.8% surge in the global cryptocurrency market value, and with increasing purchasing power, trading volume has surged.
It is worth noting that Bitcoin (BTC) has recently reversed its short positions and recovered losses from the past few days, leading to a shift in market trends. The global cryptocurrency market value has now returned to the $1.4 trillion mark, rising 4.44% to $1.43 trillion in the past 24 hours.
In addition, market traders are recovering, with global trade volumerecentlyETH
Santiment recentlyTether ( USDT
Interestingly, whale trading involving USDT has skyrocketed, with market participants engaging in over 40000 USDT transactions worth $100000 or more per week. The last milestone recorded by the market was in March.
The previous cryptocurrency market crash
This bullish trend emerged after the previous market crash. On November 14th, the global cryptocurrency market value plummeted by over 3.5% from $1.4 trillion to $1.35 trillion, resulting in a valuation loss of over $50 billion in one day.
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On November 14th, BTC plummeted by 2.50%, recording its largest intraday decline in more than two months, continuing the decline that began on November 11th. The entire market collapsed, causing a significant decline, and the global market also fell accordingly. Hat.
This decline is consistent with the latest consumer price index report, which occurred after Bitcoin and other cryptocurrency assets hit a sustained upward trend of annual highs. It is worth noting that the CPI report released on November 14th shows that the US inflation rate has dropped to 3.2%, the lowest level since the beginning of this year.
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