Bitcoin’s rapid recovery from the biggest two-day sell-off in almost a year shows the power of a recently overlooked factor in cryptocurrency markets: demand from Chinese retail traders.
Prices for the largest cryptocurrency were higher on Wednesday, stabilizing around $49,000, after tumbling 15% in the prior two days.
The sudden demand for bitcoin (BTC) from Chinese traders, possibly motivated by the price drop, can be viewed through a hitherto largely ignored metric: the “tether…
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