Crypto Markets Show Unexpected Strength
The cryptocurrency market is showing some unexpected strength today after what felt like weeks of consistent pressure. Total market capitalization has climbed to about $2.27 trillion, which represents a nearly 3% increase over the last 24 hours. Bitcoin is trading around $66,200, gaining more than 3% on the day. Ethereum has jumped close to 5%, now hovering near $1,935. XRP has also pushed higher toward $1.38, while Solana leads major altcoins with a 6% move.
What makes this interesting, I think, is the timing. The sudden strength comes at a curious moment, just one day after trading giant Jane Street was sued in connection with allegations tied to the 2022 Terra-Luna collapse. The lawsuit claims the firm used insider information during the UST crisis to profit while the ecosystem unraveled.
The 10 AM Pattern Disappears
Now, here’s where things get speculative. For nearly two months, traders had been complaining about what they call the “10 AM dump”—a recurring pattern where Bitcoin would sharply sell off around 10 AM market hours. Today, for the first time in weeks, that pattern did not appear. Instead of a sharp rejection, Bitcoin and Ethereum moved higher.
Online speculation has taken off, with some experts pointing to what they see as strange overlaps involving the number 10. The timing is certainly curious: now, just one day after a lawsuit targets Jane Street, the so-called 10 AM selling pressure appears to have paused, and prices are rising.
No Confirmed Evidence
It’s important to stress that there is no confirmed evidence linking today’s price action to the lawsuit. Markets move for many reasons, including short covering, oversold technical conditions, and shifts in sentiment. Perhaps it’s just coincidence, or maybe there are other factors at play that we’re not seeing.
Despite today’s bounce, the broader picture remains cautious. The Fear & Greed Index still sits at 11, signaling extreme fear. The average crypto RSI is near neutral territory after weeks of oversold readings. Bitcoin remains below major resistance levels, and Ethereum is still recovering from recent losses.
However, today’s rally has injected short-term optimism back into the market. Whether this is the start of a sustained recovery or simply a relief bounce remains to be seen. The market has a way of surprising everyone, and today’s action certainly qualifies as unexpected.
I find myself wondering if we’re seeing a genuine shift or just temporary relief. The disappearance of that 10 AM pattern is what really catches my attention—it’s been so consistent for weeks that its absence today feels significant. But markets are complex, and correlation doesn’t equal causation. We’ll need to watch the coming days to see if this strength holds or if it fades like so many other rallies have recently.
