A short squeeze occurs when traders who hold bearish positions are forced to buy back assets in a rapid upward market movement, leading to a rally.
The top two cryptocurrencies in terms of market capitalization responded positively to a decrease in job vacancies.
ALSO: Speculations from a crypto markets analyst suggest that the U.S. central bank may have further plans for interest rate hikes, despite the expected rate increase scheduled for Wednesday.
Ether also saw an increase in value, while equity markets experienced a decline, with the stocks of two regional banks being among the casualties.
The BRC-20 standard may sound similar to the widely known ERC-20, but they have notable differences, as BRC-20 lacks the capability to engage with smart contracts.
ALSO: Consensus 2023 left a strong impression on the five CoinDesk journalists who attended, as they shared their key observations. Despite lingering regulatory uncertainty posing significant challenges, the industry remained optimistic while also acknowledging the need for a realistic outlook.
After Sun transferred $56 million in TUSD to Binance, CEO Changpeng Zhao tweeted about it 'Binance Launchpool are meant as air drops for our retail users, not just for a few whales,'
The company has maintained its practice of exclusively selling XRP for use in its international transaction solution.
ALSO: William Shatner, famously known as Captain Kirk from Star Trek, has recently launched his own collection of NFTs and showcased his belief in the exciting possibilities of cryptocurrency during a lively half-hour conversation at the Consensus 2023 conference hosted by CoinDesk.
On Thursday, BTC experienced a slight dip in value during morning trading in the U.S. following the release of underwhelming first quarter GDP growth and disappointing personal consumption data by the Commerce Department. However, it quickly rebounded afterwards.