Bitcoin Touched $70K In Just 20 Minutes On This Decentralized Exchange — Here's What Happened
Portfolio Pulse from Mehab Qureshi
Bitcoin briefly surged to $70,000 on the PulseChain decentralized exchange, a significant increase from its on-spot value of $27,000. The spike was short-lived, lasting only 10 minutes, and may have been due to the low liquidity of the wBTC token.
May 30, 2023 | 9:44 am
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Bitcoin's price briefly surged to $70,000 on PulseChain decentralized exchange, but the spike was short-lived and may have been due to low wBTC token liquidity.
The price spike on PulseChain was short-lived and may have been due to low liquidity of the wBTC token. This event is unlikely to have a significant short-term impact on Bitcoin's price, as it was an isolated incident on a specific decentralized exchange.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 100
NEUTRAL IMPACT
The brief Bitcoin price spike on PulseChain decentralized exchange may have been due to the low liquidity of the wBTC token, which is used for bridging to Ethereum.
The low liquidity of the wBTC token, which is used for bridging to Ethereum, may have contributed to the brief Bitcoin price spike on PulseChain. However, this event is unlikely to have a significant short-term impact on Ethereum's price, as it was an isolated incident on a specific decentralized exchange.
CONFIDENCE 80
IMPORTANCE 25
RELEVANCE 50