Bitcoin Price Surges by 10% as Cryptocurrency Market Recovers

The bitcoin price has increased by more than 10 percent over the past 24 hours, as the majority of cryptocurrencies in the global market have recovered from the recent correction.

Whales Sell Off

Previously, CCN reported that the major correction which occurred earlier this week was likely triggered by the sell off of bitcoin by whales and institutional investors within the traditional finance market. Some analysts speculated that large-scale traders sold off massive amounts of bitcoin to cash out short contracts on the Cboe and CME bitcoin futures exchanges.

The theory that the sell off of whales triggering a domino effect across all major cryptocurrency exchanges and leading to a decline in the value of the cryptocurrency market is far more likely and realistic than the FUD in the Chinese and South Korean cryptocurrency markets.

Many reports, especially by mainstream media outlets, suggested that the cryptocurrency trading ban FUD coming from the Chinese and South Korean markets led to the decline in the price of bitcoin and other major cryptocurrencies.

While it is possible that the two markets had a small impact on the cryptocurrency market, given the insignificant trading volume of the Chinese market and the fact that the South Korean government has officially refuted cryptocurrency trading claims, it is highly unlikely that the two markets had any significant effect on the valuation of cryptocurrencies.

Amidst extreme market volatility and periods of uncertainty, cryptocurrency traders tend to reallocate their funds to major cryptocurrencies like bitcoin and Ethereum for stability, because the two cryptocurrencies have demonstrated a relatively low level of volatility over the past few months.

Both bitcoin and Ethereum have increased by around 10 percent over the past 24 hours, with bitcoin recovering beyond $12,500 and Ethereum rebounding to $1,100…

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