Bitcoin returns to $44k following temporary market dip

After market uncertainty stemming from a Matrixport report, Coingecko, the worldwide data aggregator, reports Bitcoin has once again returned to $44,000.

At the time of writing, Bitcoin (BTC) hit $44,199, a 4.1% in the last 24 hours, which, although incremental when comparing the top gainers for Jan. 4, represents 160.4% from the previous year. Looking back on the week, Bitcoin went as high as $45,913 on Jan. 2, the highest level it had reached since April 2022.

Bitcoin dropped nearly 10% in a matter of hours, with one investor pointing to a report published by crypto financial services firm Matrixport stating the United States SEC will reject Bitcoin Spot ETFs. This report allegedly triggered the decreasing price, highlighting the market’s sensitivity to rumors and reports. 

Naturally, this typically triggers whale activity, such as the one reported by Coinglass data, in which 14.2 million in Bitcoin was liquidated on Huobi.

Consequently, Bitcoin is not on today’s top gainers list, as altcoins like Beam (BEAM) and Celestia (TIA) continue to lead, according to CoinMarketCap.