Mainstream cryptocurrencies like Bitcoin surge, rumors of "10 o'clock sell-off" pause after Jane Street lawsuit

Odaily Planet Daily reports that on February 25th, the crypto market experienced one of its strongest single-day rebounds recently, with Bitcoin, Ethereum, and Solana all rising collectively, driving the overall crypto market capitalization up by about $170 billion, nearing a total market cap of $2.5 trillion.

Market data shows that Bitcoin briefly broke the $70,000 mark, Ethereum increased by over 13%, and Solana surged by more than 15%. This rebound ended the ongoing correction trend since the high point in October last year.

Market analysts believe that this rise is related to the recent insider trading lawsuit against market maker Jane Street. Some crypto market commentators have pointed out that over the past few months, there have been suspected daily sell-offs of Bitcoin around 10 a.m. Eastern Time, but after the lawsuit news was announced, this pattern seemed to suddenly stop.

However, there is currently no public evidence to suggest that Jane Street has systematically sold Bitcoin at fixed times. Nonetheless, the market generally believes that the expectation of reduced selling pressure has boosted investor sentiment in the short term.