Richard Heart on Monday exclaimed that Bitcoin BTC/USD had reached a fresh all-time high on PulseChain decentralized exchange, with the asset’s value surging from $27,000 to $70,000.
What Happened: The price hit $70,000 in just 20 minutes, as compared to its on-spot value of $27,000. However, this sudden surge in price was short-lived and lasted for only 10 minutes.
Upon further analysis, it could be inferred that the low liquidity of the wBTC token, which has its value attached to Bitcoin for the purpose of bridging to Ethereum ETH/USD, might have been the reason behind this unusual spike in price.
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Why It Matters: The volume of trade during this time, as reported by the dexscanner was around $19.8 million in the last 24 hours. Dexscanner is a platform that provides up-to-date information on the liquidity and trading volumes of decentralized exchanges.
Price Action: At the time of writing, Bitcoin was trading at $27,792.23 down 1.13% in the last 24 hours, according to Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Fall As Post-Debt Ceiling Rally Fizzles Out: Analyst, Who Predicted 2021 Bottom, Says ‘Moon Time’ For King Crypto If This Happens
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