Bitcoin surpassed $24,000 for the first time in two weeks after jumping more than 9% in the previous 24 hours, owing to the sort of short squeeze that has historically pushed prices higher. The percentage rise was the most since Bitcoin gained 10.5% on September 9.
The largest cryptocurrency by market capitalization had fallen below $21,600 at various points in recent days, as investor concerns about crypto regulation, notably targeting the stablecoin market, and possible U.S. central bank actions to curb inflation grew.
However, those fears seemed to evaporate swiftly as bitcoin climbed beyond $24,200 by the evening(ET) on Wednesday before modestly retracing.
At time of writing, Bitcoin is moving hands at $24,288 according to CoinMarketCap data.