After facing significant pressure, the crypto market is showing signs of recovery today.
The overall market cap has climbed to $2.27 trillion, seeing a nearly 3% increase in just 24 hours. Bitcoin’s value has risen over 3% and is trading at around $66,200, while Ethereum has jumped nearly 5%, currently near $1,935. XRP is moving up towards $1.38, and Solana is leading the altcoin surge with a 6% increase.
This sudden strength feels a bit unexpected.
The timing of the Jane Street lawsuit
Yesterday, the trading firm Jane Street was sued over allegations related to the 2022 collapse of Terra Luna. The suit claims the company leveraged insider information to profit amid the UST crisis.
Even though these claims remain unproven, the timing has sparked intense discussions in the crypto community.
Why is that?
Traders have been vocal about the “10 a.m. dump,” a pattern where Bitcoin tends to be sold off around 10 a.m. market time.
Interestingly, today marked a departure from that trend, with Bitcoin and Ethereum both seeing gains instead of a sharp decline.
- Also read: Bitcoin tries to stabilize after capitulation—Can Wick get his $70,000 back?
Is it a pattern or just a coincidence?
Some analysts highlight an unusual connection with the number 10:
- May 10, 2022 — Luna’s collapse from a $40 billion ecosystem to nothing.
- 10 a.m. — Recognized as the daily Bitcoin sell-off time.
- October 2025 — A whopping $19 billion was liquidated in just 24 hours, marking one of the largest liquidation events in cryptocurrency history.
Now, just a day after the lawsuit against Jane Street, the anticipated 10 a.m. selling pressure seems to have lessened, with prices on the rise.
It’s crucial to note that there isn’t any confirmed link between today’s market movements and the lawsuit. There are various factors influencing market fluctuations, including short covering, oversold conditions, and changing sentiments.
Market environment remains fragile
Even with today’s uptick, the overall market sentiment is still quite cautious. The Fear and Greed Index sits at 11, reflecting extreme fear among investors. The average crypto RSI is around neutral, having been in oversold territory for quite some time.
Bitcoin continues to trade below significant resistance levels, and Ethereum is still recovering from its recent drop. Nevertheless, today’s rally has brought a glimmer of hope back to the market.
Whether this marks the beginning of a lasting recovery or just a fleeting rebound remains to be seen.
FAQ
Cryptocurrency markets are experiencing an uptick today, with Bitcoin up more than 3% as the recent “10 a.m. selloff” pattern appears to have halted after a lawsuit against Jane Street.
The selling pressure that typically occurred at around 10 a.m. after Jane Street’s lawsuit regarding Terra Luna seems to have diminished, leading to a modest recovery for both Bitcoin and Ethereum.
Despite the recovery today, market conditions are still precarious. The Fear and Greed Index indicates “extreme fear,” and Bitcoin needs to surpass key resistance points to affirm a prolonged recovery.
