Big Brother is back! Bitcoin surged 11% yesterday, recovering $40,000 in lost ground, with bottom-feeders laughing and a large number of airmen sacrificing themselves in just a few hours.
Bitcoin, the big brother of cryptocurrency, finally broke free from its two-week struggle in the $38,000 range and surged in the early hours of Feb. 5, literally.
At 11 p.m. on February 4, Bitcoin was still hovering around $37,900, but an hour later, the calendar flipped to the fifth day of the Lunar New Year, and something really “went wrong” for the Air Force. In just one hour, Bitcoin climbed $2,000, directly hitting the $40,000 barrier.
According to market watcher Coinglass, about $50 million of Bitcoin’s air force has been shorted in the past four hours, and the overall cryptocurrency market has been shorted by as much as $100 million.
Today’s surge exceeded many optimistic analysts’ expectations. Analysts who predicted last week that bitcoin would pull in at $39,600 were laughed at for being illiterate believers, but they didn’t expect bitcoin’s crazy rally to be a direct slap in the face to the bearish.
As of this writing, Bitcoin is trading at $41,345, up 11.45% in a single day, with a total market cap of $783.4 billion, finally shaking off the January slump and returning to the levels of January 7.
The money circle community believes that with all the negative news over the past month, those who want to get rid of the stock have almost sold out.
The big brother is taking the lead and the second brother is not resting either. Ether has doubled by 10% to $3,000, while maintaining a daily burn rate of about $30 million, moving towards Ether 2.0.