Bitcoin’s Impressive Recovery
After plummeting to a jaw-dropping low of $6,094 on Tuesday, Bitcoin decided to throw a little party and soared past the $8,000 mark on Wednesday, Feb. 7. Reports from various sources indicate a surge of around 24% in just one day, trading at an average price of about $8,280 according to CoinMarketCap. It’s like Bitcoin took a long nap and woke up just in time for breakfast!
Altcoins Catching the Magic Wave
The surge in Bitcoin’s price didn’t just tickle its own fancy; it also helped the top 100 altcoins leap into the green zone! These coins collectively gained up to 97% in the same 24-hour period. Notable mentions include NEO and NEM, increasing by 55% and 46% respectively. You could say they were riding on Bitcoin’s coattails, and who wouldn’t want to be seen with such a high-profile partner?
Market Cap Jumping Like a Kangaroo
The total cryptocurrency market capitalization saw a meteoric rise, shooting from $276.8 billion on Tuesday to a whopping $388 billion by Wednesday. That’s over $100 billion in just a day! Given the volatility of this market, it seems almost poetic—one minute it’s the depths of despair, and the next it’s a jubilant upward spiral!
SEC and CFTC Hearing: A Spark of Optimism
What’s fueling this exuberance? Part of the explanation lies in a recent hearing by the Securities and Exchange Commission (SEC) alongside the Commodity Futures Trading Commission (CFTC) on February 6. CFTC Chairman J. Christopher Giancarlo expressed some encouraging words about Bitcoin and the underlying technology, Blockchain. “If there was no Bitcoin, there would be no DLT,” said Giancarlo, and it sounds like he’s putting credibility back in the crypto bacon!
Crypto Twitter and Market Sentiments
The positive atmosphere in the crypto world is palpable. Cointelegraph correspondent Joseph Young shared the buzz on Twitter, highlighting an astounding growth of CFTC Chairman Giancarlo’s following, which spiked by 7 times since the hearing. Everyone loves a good story, especially in the volatile land of crypto!
Voices from the Crypto Community
In a lighter twist, Litecoin founder Charlie Lee urged holders to keep their cool amidst the chaos, claiming that those who withstand the turbulence are the ones who end up enjoying luxury rides—those snazzy Lamborghinis everyone dreams of. “Those that can withstand such a drop without flinching are the ones with lambos eventually. The others pay for these lambos,” he cheekily tweeted. A harsh reality mixed with a dash of humor!
Market Optimism Continues
Ran Neuner, the host of CNBC’s Cryptotrader, couldn’t help but to echo the positive sentiment as well. He pointed out that shorts were getting squeezed, indicating an upward trend. “I hope you picked up what you wanted in the sale!” he triumphantly tweeted amidst the market upheaval.
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