Bitcoin is going up. A lot. The cryptocurrency recently broke past $8,200 to reach a 12-month maximum at $8,301. This is Bitcoin’s highest price point in a 12 month period.
Bitcoin has been in a bull run since last month, with the cryptocurrency being up by more than 100% since the Dec 2018 low. In Dec 2018, the price of Bitcoin touched $3,217 it’s lowest in a 16 month period. Many analysts believe it was the bottom, and the current price point proves so.
Bitcoin’s price has decreased by a bit since the $8,300 peak an hour back. Bitcoin is still currently above $8,000, trading at $8,001. The cryptocurrency is up by 12.57% since the past 24 hours.
One of the biggest question on everyone’s mind is why is Bitcoin going up so fast when there is no major news to affect the price. On the contrary, the Binance hack news should have triggered a sell-off. Historically after any major exchange hack, Bitcoin’s price goes down by 2-5% and recovers over a week. But this time Bitcoin went up.
There are currently two reasons being discussed by the cryptocurrency community – Manipulation or Major news coming.
The manipulation reason is pretty much self-explanatory. The major news which could have made Bitcoin rise up so much would be the confirmed release date of Bakkt, a cryptocurrency exchange by NYSE’s parent company Intercontinental Exchange (ICE), to a few people. Bakkt recently announced on Twitter that their future contracts have been approved.
Or the second news that could trigger such a massive bull run would be confirmation of approval of Bitcoin ETF’s. The cryptocurrency community has been waiting for 2 years for the approval of Bitcoin ETFs. Currently, no one knows whether they are getting approved or not.
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Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
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