Economy

Bitcoin soars above $7,000 to hit nine-month high

Bitcoin soars above $7,000 to hit nine-month high”

According to data from Bitwise, which adjusts reported bitcoin spot volumes to account for fake volumes, the $1 billion plus worth of CME bitcoin futures volumes in the prior 24 hours was nearly double the bitcoin spot volume on Binance and triple volumes on Coinbase.

Bitcoin surged more than US$1,000 this weekend to the highest level since August, as cryptocurrencies extended their rebound from a slump last month amid the NY attorney general's investigation of a key part of the market.

Bitcoin was last up almost 17% at $8,131 on the Bitstamp exchange, the largest daily percentage jump since early April.

Analysts and traders said the outsized move over the weekend did not appear to be the result of any immediate news factors.

Bitcoin's price is rallying, surpassing the $8,000 for the first time this year.

Binance, a large crypto exchange, recently reported a hack of 7,000 Bitcoins with about $40 million. Previous year it lost some three-quarters of its value amid tighter regulation across the world.

Bitcoin (BTC), with a market capitalization that now accounts for 59.8 percent of the total cryptocurrency market, jumped 16 percent from its opening price of $6,800 to reach $7,889 at 15:10 UTC - its highest price since July 31, 2018, according to CoinDesk's price data.

Other major cryptocurrencies that tend be correlated to bitcoin such as ethereum and Ripple's XRP also gained.

The price of Bitcoin, the biggest cryptocurrency, has more than doubled since its December 14 trough and is now rising for a sixth-straight day on Bitstamp.



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