Bitcoin (BTC) extended its rally above $5,600, but this time broke the climb of altcoins, particularly as it dropped back under $5,500. The BTC rally saw other assets sold off, with expectations of higher price gains. BTC traded at $5,637.89 as of 6:40 UTC on Wednesday, on consistently high volumes of above $15 billion’s equivalent.
As Cryptovest reported, during the most recent rally, the markets saw inflows of Tether (USDT). The coins were taken out of the treasury and returned to markets, leaving the treasury wallet with just 57 million coins. The liquidity intervention may help boost BTC trading and possibly lead to higher valuations.