Bitcoin surges more than six per cent in 15 minutes

Key crypto gains for first time in five days

Bitcoin (BTC), the world’s leading cryptocurrency rebounded from a weeklong low to jump more than six per cent in a matter of minutes.

The crypto surged to $7,600.891 from $7223.50 in a fifteen minute period. Its price has swung greatly in recent months, with many citing low trading volumes as the cause for this increased volatility.

This afternoon’s price jump has sent the total value of the world’s combined cryptocurrencies back above $200bn.

The cause of this sudden jump is not yet known. Recently some commentators have argued that the stablecoin Tether (USDT) is being used to prop up the price of Bitcoin. Today more than $84m worth of USDT was transferred to the Malta-based crypto exchange OKEx. This transfer could have contributed to the sudden surge.

Less controversially Bitcoin trading volume picked up from this week’s restrained start. According to a bot that tracks significant trades, more than $400m worth of bitcoin had moved between wallets by this afternoon.

While the cause may be unclear, the surge itself has caused one of the largest short squeezes in recent months. Within minutes $60m worth of short contracts against Bitcoin were liquidated.

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Bitcoin and cryptocurrency traders will hope that this surge signals the start of crypto’s ‘santa rally’. Traditionally Bitcoin has experienced some of its largest moves towards the end of the year.

This historical trend and current technical data pointing upwards, Bitcoin and cryptos more widely could be set to ring in the new year in a high jubilant fashion.

FURTHER READING: Bitcoin halving: could it reach $170K per coin?

FURTHER READING: Bitcoin grows increasingly bearish

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