Thursday’s 10% Bitcoin eruption is paramount to the bull case: here’s why

Catching many traders off guard, Bitcoin rallied a jaw-dropping 10 percent on April 23, jumping from $7,050 to $7,800 within what was under 30 minutes’ time, boosted by a cascading liquidation of short positions on derivatives exchanges.

Thursday’s 10% Bitcoin eruption is paramount to the bull case: here’s why

Photo by Marc Szeglat on Unsplash

Catching many traders off guard, Bitcoin rallied a jaw-dropping 10 percent on April 23, jumping from $7,050 to $7,800 within what was under 30 minutes’ time, boosted by a cascading liquidation of short positions on derivatives exchanges.

According to Su Zhu — the CIO of foreign exchange and crypto hedge fund Three Arrows Capital — this move is “incredibly important” for the BTC bull case moving forward.

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