Bitcoin prices have shot up in the last few hours, with value surging by more than 16 per cent on Thursday and surpassing the $8,000 mark.
It’s been a bit doom and gloom in crypto-land lately, with value steadily dropping down to below $7,000, hitting a low of $6,800 just before the rise. As of right now, Bitcoin is trading at $7,728 (£5,443), which is still a significant rise – according to Cryptocompare the price took a massive leap at around midday UK time, jumping over $1000 in just 20minutes to peep above the $8k dollar mark for the first time since March 27th.
Bitcoin traders’ good fortune has also translated to other cryptocurrencies including Ethereum, which has risen by around 12 per cent to $467, Litecoin (8.7 per cent to $124) and Ripple (13.4 per cent to $0.55).
This is obviously notable for those declaring cryptocurrency dead in the light of impending regulation, recent price drops, and hand-wringing from large companies about the impact of phoney ICOs on consumers. There doesn’t appear to be one particular story or narrative driving the sudden rise in price, and it may have just been a product of Americans waking up to a more encouraging landscape regarding blockchain and coin applications. It does, for example, seem to be starting to make the sort of mainstream leaps many have promised for it – like Santander announcing plans to begin deploying its Ripple-powered payments solution very soon. Also, recently, some big name investors are looking to get into the crypto market.
Some news outlets are also reporting the comments of Mati Greenspan, market analyst at Etoro, who has claimed that Wall Street is prepared to inject “new liquidity” into bitcoin, which is another element that could be feeding into the surge. While small, bear-ish leaps like this will encourage something of limited upward direction to the price of cryptocurrencies, it would take a longer positive trend to kick-start the kind of price rises seen at the back-end of 2017 and early 2018.