Bitcoin Price Rebounds Amid Alleged Manipulation Cessation

The Bitcoin price has experienced one of its best days in performance since the beginning of the year, with analysts attributing this surge to the cessation of Jane Street's alleged algorithmic manipulation after they were sued for insider trading.

According to crypto experts, Jane Street had been using a 10 am daily dump strategy to buy back Bitcoin at lower prices. This strategy involved crashing the price of BTC through the use of non-public information obtained from insiders at Terraform Labs, which was used to front-run trades concerning the failure of the Terra-Luna ecosystem.

The filing of the lawsuit against Jane Street appears to have put an end to this manipulation, with the Bitcoin price rising above $70,000 after weeks of consolidation. The crypto market cap also rose by 7%, reaching $2.4 trillion.