Cryptocurrency Market Volatility: Bitcoin and Altcoins Experience Ups and Downs.

Bitcoin's price on Bitfinex's perpetual swap market briefly surged above $56,000 amid a spike in trading volume, but liquidity remained low. The flash rally occurred at the same time as bitcoin surged 2.5% on spot markets elsewhere as investors reacted to the stock prices of two banks plunging by more than 30%. Bitfinex's chief technology officer said the matching engine handled all orders correctly, but some traders' positions were liquidated during the rally.