Bitcoin Jumps to $42,000 Despite Crackdown
Bitcoin jumped more than 5% in the last 24 hours to reach a 2 month high of $42,000 in the early hours of Saturday
Other cryptocurrencies were also bullish, with Chainlink gaining almost 13% to reach $22.64
The market has not been affected by news of crackdown on top crypto trading platform Binance in Malaysia
Bitcoin reached its highest point in 2 months on Saturday morning as the flagship cryptocurrency rose by 5% to $42,000.
Since below $30,000 less than 2 weeks ago, the world’s number one cryptocurrency has staged a magnificent comeback by gaining 25%.
The market has shaken off negative news that could affect the value of cryptos.
Most significantly, a report emerged stating that there is a crackdown of crypto exchange Binance in Malaysia.
The clampdown has gotten so severe that investors have been warned to remove their money from the crypto exchange.
Despite the recent rally, Bitcoin remains 35% below its all-time high of $64,000, which was reached in April.
Meanwhile, the biggest gainer among the top 20 cryptocurrencies was Chainlink which gained 13% to move to $22.64.
Other cryptos such as QTUM, Tezos and Axie Infinity moved to $7.7, $3.02, and $45.47 respectively.
At the time of this report, the global market cap of cryptocurrency is $1.62T.