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Mainstream cryptocurrencies like Bitcoin surged, and rumors of a "10-point sell-off" after the Jane Street lawsuit have paused
The cryptocurrency market has experienced one of its strongest single-day rebounds in recent times, with Bitcoin, Ethereum, and Solana collectively rising, driving the overall market capitalization of cryptocurrencies up by approximately $170 billion, bringing the total market cap close to $2.5 trillion.
Market data shows that Bitcoin briefly broke the $70,000 mark, Ethereum rose over 13%, and Solana increased by more than 15%. This round of rebound ended the continuous correction trend since the peak last October. Market analysts believe that this surge is related to the recent insider trading lawsuit against the market maker Jane Street. Some commentators in the crypto market pointed out that there had been a phenomenon of suspected concentrated selling of Bitcoin every day at 10 AM Eastern Time over the past few months, and this pattern seemed to suddenly stop after the lawsuit news was announced.
However, there is currently no public evidence that Jane Street has indeed engaged in systematic selling of Bitcoin at fixed times. Nevertheless, the market generally believes that the expectation of reduced potential selling pressure has boosted investor sentiment in the short term.
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