Bitcoin recovered quickly from $44,800 to over $50,000 in under 22 hours and here are three key reasons why.
The price of Bitcoin (BTC) quickly recovered from around $44,800 to over $50,000 within merely 22 hours.
Behind the rapid recovery are three major factors, including low funding rates, Square's $170 million Bitcoin purchase, and the spot market stabilizing.
Bitcoin futures funding rates substantially drop
Across major futures exchanges, including Binance, Bybit and Bitfinex, the funding rate of Bitcoin has dropped to 0.01%.
The Bitcoin futures funding rate was consistently above 0.1% throughout the entirety of the rally from the $40,000s to $58,000.
BTC/USDT 4-hour price chart (Binance).