Bitcoin
(BTC)
jumped
above
the
$79,000
mark
for
the
first
time
in
history
in
an
unusual
weekend
pump
that
liquidated
$280
million
in
bearish
crypto
trades.
BTC
rose
4%,
extending
7-day
gains
to
over
16%
on
the
back
of
a
week
that
saw
Republican
Donald
Trump
elected
the
U.S.
president
and
Federal
Reserve
cutting
rates
by
25
basis
points
—
with
both
events
considered
widely
bullish
among
traders.
Weekend
pumps
are
generally
considered
bullish
in
the
crypto
market,
as
trading
volumes
typically
decrease
over
the
weekend
when
many
institutional
investors
and
professional
traders
are
less
active.
Lower
liquidity
can
lead
to
more
volatile
price
movements,
whereas
even
smaller
trades
can
cause
significant
price
changes.