Bitcoin surged to over $8,000 (roughly Rs. 5.63 lakhs) late on Monday, its highest level since July This past Year, as the cryptocurrency’s rally gained further momentum.
But there’s an ongoing blockchain and cryptocurrency conference in New York called Consensus, with big investors and powerful market players gathered to network and talk about the current condition of the industry. Bitcoin had rallied during previous Consensus conferences.
Bitcoin was last up nearly 17 percent at $8,131 on the Bitstamp exchange, the biggest daily percentage jump since early April. It hit a high of 8,167.50, a roughly 10-month summit.
Some analysts pointed out that bitcoin’s rally coincided with the escalating trade war between the United States and China, which totaled entire economy risk sentiment. But it’s too soon to announce bitcoin as a safe-haven advantage, they said.
David Thomas, of London-based cryptocurrency agent GlobalBlock, said the breaching of a crucial $6,000 support amount a week fuelled interest amongst shareholders.
In addition, Lukman Otunuga, research analyst in FXTM, said the bullish”gold cross” is currently in play on the daily charts. This takes place whenever the 50-day simple moving average has crossed over the 200-day moving average.
Other market participants stated perceptions of bitcoin’s resilience in the wake of last week’s $40 million theft from the major Binance market was encouraging belief. Cryptocurrency markets have previously fallen after high-profile safety breaches.
Bitcoin has nearly doubled in price this year, underscoring its volatility after a bruising 2018. Last year it dropped some three-quarters of its value amid tighter regulation across the world.
But so far on this year, bitcoin has become up a sparking 119%.