Bitcoin passes $7,000 level as winning streak continues
Bitcoin passes $7,000 level as winning streak continues
Source Trading View
16 May, 2019, 06:59
"Bitcoin is acting differently since moving above its 200-day moving average" and the gains are occurring on strong volume, Fundstrat co-founder Tom Lee, a noted Bitcoin bull, wrote in an email.
Bitcoin gained more than 35% in April, due largely to a 20% jump that caused puzzlement among traders and underscored flaws in cryptocurrencymarkets.
The advance comes only a few days after the digital asset broke through $6,000, and looks set to boost investor interest in conferences on the technology underlying the biggest crypto asset taking place in NY this week.
Bitcoin has seen a sustained uptick in recent weeks and hit $8,000 in early trading Tuesday, prompting renewed interest in its comeback.
Bitcoin'sprice is rallying, surpassing the $8,000 for the first time this year. Facebook, meanwhile, is building a crypto-based payment system.
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.
Digital currency experts have weighed in on reasons for the surge.
"There are literally dozens of reasons for Bitcoin to be surging right now but the important thing to remember is the main driver of this rally is increased adoption", Mati Greenspan, a senior market analyst at eToro, told Business Insider.
Binance, a large crypto exchange, reported a hack of 7,000 Bitcoins with about $40 million.
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