Bitcoin jumps above $41 000, challenging past week’s tight range




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A sudden spike in Bitcoin on Wednesday brought the largest cryptocurrency out of the thin range where it’s spent most of the past week.

Bitcoin jumped as much as 5.7% to $41 691 before giving up some gains and trading at $40 915 at 10:43 a.m. in Hong Kong. Other tokens like Ether and Solana also enjoyed fleeting spikes. It wasn’t closest clear what caused the sharp gains.

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Bitcoin had spent the past few days mired in the tightest trading range since October 2020, a occurrence some market watchers assumed to be true of long-term holders stepping in to buy whenever the token dips. Meanwhile, selling by short-term investors has kept Bitcoin and other digital assets from mounting sustainable gains.

© 2022 Bloomberg

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