Bitcoin and the rest of the crypto market saw prices rally in under an hour, pushing Bitcoin to over $7,200 (at the time of writing).
The rally has sent Ethereum back over the $500 mark, whilst XRP is now priced at $0.50. Bitcoin Cash is over $840.
Today’s price spike can be seen in the above Bitcoin chart (courtesy of coinmarketcap.com).
Why the sudden rise in price?
It is difficult to pinpoint the exact reason behind the sudden rise in price however the crypto market has benefitted from positive news as of late including the following:
- Coinbase has announced that it has now received regulatory approval to list crypto tokens considered to be securities – a big step in Coinbase’ plan to operate as a crypto broker dealer.
- SBI Holdings (a big financial services company in Japan) has officially launched a new public crypto exchange known as ‘VCTRADE.’
We look forward to more positive news in the coming weeks/months as crypto and blockchain technology start finding their place in real world use.
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We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.