Bitcoin climbs above $7,000 after eight months as cryptocurrency rally extends

Mae Love
May 16, 2019

Just hours after leaping 25% on Monday with no apparent explanation, the largest digital token added as much as 5.9% on Tuesday.

Bitcoin was last up almost 17% at $8,131 on the Bitstamp exchange, the largest daily percentage jump since early April. It hit 60% market share during the recent rally and the last time it held that position was in December 2017 when Bitcoin was trading at its all-time high. Blockchain Week is underway, co-sponsored by the New York City Economic Development Corp., and the Consensus forum is set to start, where people are "expecting a higher-quality conference", Lee said.

While it is hard to say what might have triggered the stellar recovery, analysts point out to the signs faster of institutional adoption as companies like Fidelity Investments and E*Trade expand their presence in the industry. "Before then there was not a concrete date on when the Bakkt product is going to be launched".

"Maybe we've seen Bitcoin recapture some the previous FOMO behavior", he said in emailed remarks to Bloomberg.

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Hedge funds and other investors had increased their net short bet against Bitcoin in the week through May 7, the U.S. Commodity Futures Trading Commissions said Friday.

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.

Binance, a large crypto exchange, reported a hack of 7,000 Bitcoins with about $40 million.

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