Why is crypto suddenly rallying? Bitcoin jumps 20% as $2.7 billion short squeeze hits

Bitcoin was on track to gain around 20% this week as of early Friday. The world’s largest cryptocurrency has jumped sharply after several positive developments around the crypto market.

Bitcoin was last trading at $75,343.01, compared with $62,836.88 at the start of the week. This shows how quickly the cryptocurrency has bounced back in just a few days, according to CNBC. The rise was not limited to Bitcoin.