As the market continued to decline, Tezos (XTZ) prices rose by more than 7% in early Tuesday trade. Tezos was one of the few cryptocurrencies that saw gains while the market value of all cryptocurrencies decreased by 1% to $1.08 trillion.
XTZ was trading at $0.703 at the time of writing, up 7.36 percent over the previous day. This is important since most cryptocurrencies are still losing money as a result of yesterday’s sell-off.
Yesterday’s trade saw Tezos drop below $0.636 where it received a tonne of support. As a result, Tezos had a rapid recovery and experienced trading highs of $0.742.
Even if the exact cause of the pump is unknown, the sudden price change resembles a short squeeze, which is a rally caused by the unwinding of short bets. Derivative data, however, lead one to believe otherwise.
Tezos saw $553,050 in liquidations during the past 24 hours, $261,100 of which were short liquidations. Even more money, $291,880, was liquidated from long positions.
The massive increase in trading volume, which increased by 937% in the past day to $106 million in value or 148,742,414 XTZ, is even more intriguing. According to Coinglass statistics, Tezos even had a derivatives volume increase of 2,340.37% with $244.11 million traded.
An increase of this size in trading activity frequently reveals traders placing wagers in an effort to profit from recent market turbulence.
Tezos is expanding its NFT adventure with football club Manchester United, according to the official X account. Last year, Manchester United and Tezos agreed to a huge multi-year deal that allowed the crypto currency to be featured on the team’s line of women’s and men’s training outfits.
Tezos announced free digital memorabilia in a new tweet in advance of a forthcoming Manchester United match. The Tezos blockchain powers Club Memorabilia.
