Bitcoin jumps to 24,300 USD, sets new high of 2023

The world’s largest cryptocurrency Bitcoin is having an impressive recovery of more than 8% after the series of negative information has passed.

Price movement of top cryptocurrencies on the market at 03:50 AM on 16/02/2023. Source: Coin360

In the early morning of February 16, Bitcoin (BTC) continued the upward movement that began since the evening of the previous day to officially return to the $ 24,000 milestone.

Accordingly, BTC has risen again since the evening of February 15, continuously inching up in the following hours, and then actually recorded soaring candles in the morning.

The world’s largest cryptocurrency in just half an hour jumped to $500 in value, temporarily recording a 24-hour high at $24,300, up 8.5% from a day ago. Compared to the low of $21,351 on February 13, BTC has recovered by 13.8%.

1h chart of BTC/USDT pair on Binance exchange at 03:55 AM on 16/02/2023

This is also a new high for Bitcoin in 2023, surpassing the $24,255 mark on February 2nd.

Bitcoin can be said to have made a spectacular comeback after a 10-day series of declines because of both macro and crypto news. Specifically, Bitcoin seems to have hesitated before the January US CPI news, only to be sharply corrected after a series of negative news about the crypto regulatory situation in the US about Paxos and stablecoin BUSD.

However, as things calm down, BTC seems to have regained momentum to return strong, confirming the coin’s rally from early January to now is not over.

Bitcoin’s hashrate on February 15 also set a new ATH, surpassing 300 TH/s for the first time in history.

Ethereum (ETH) as usual benefited from Bitcoin’s rally as it rallied 8% to $1,680. Even so, ETH has yet to make a new high in 2023 as it is still a beat away from Feb. 2’s 1,714 target.

1h chart of ETH/USDT pair on Binance exchange at 03:55 AM on 16/02/2023

Other top altcoins are starting to follow BTC, although they have only recorded gains of 5-7%.

In the last 12 hours, the amount of derivative orders liquidated in the crypto market was nearly 150 million USD, with a short order ratio accounting for more than 94%.

Liquidated cryptocurrency value in the last 12 hours, data taken from Coinglass at 03:55 AM on 16/02/2023

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