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After holding under $10,000 for a week, Bitcoin saw an explosive breakout on June 1 that saw the asset reach a local high of $10,450 — the highest price since the February highs.
The Bitcoin price surged by more than 191 percent in the past three months.
The crypto market has been subjected to immense volatility throughout 2020, with Bitcoin plummeting to lows of $3,800 in mid-March before incurring an intense rebound that has since led it all the way up to highs of $9,500.
As Bitcoin has effectively doubled since the $3,700 bottom put in on March 12, the so-called “fear of missing out” has started to spread amongst BTC investors as optimists believe the cryptocurrency is poised to burst back into a full-blown bull market.
After rallying from the lower-$6,000 region earlier today, Bitcoin bulls stepped up and propelled the benchmark cryptocurrency up to highs of $7,300 in what ultimately proved to be a fleeting movement.
The amount of Bitcoin held by crypto exchange BitMEX has drastically dropped in the past two weeks after the exchange experienced a massive liquidation spiral on March 13.
Bitcoin’s price action seen throughout the past several days has been rather lackluster, with the benchmark cryptocurrency seeing some choppy trading that has led it to establish a wide range between $5,800 and $6,800.
As CryptoSlate has detailed extensively over the past few weeks, the dynamic of the crypto market has dramatically changed ever since March 12’s Bitcoin flash crash, during which the market capitalization of the space lost almost 50 percent within a 24-hour time span.
On March 12, everything changed for the crypto markets.
Four months after the high-profile acquisition of Indian crypto exchange WazirX by Binance, BitMEX invested in a $3 million funding round for another local cryptocurrency exchange in India called CoinDCX.