BTC

Bitcoin Prices Rally
After being trapped below the $7,000 threshold for several days, bitcoin prices boomed as much as 17% in early morning trading Thursday. The No. 1 cryptocurrency by market value surpassed the $8,000 mark briefly in morning action before retreating some but remaining well above the $7,000 level. Trading volume topped $7 billion for the first time since March 8. It was also the first time bitcoin traded higher than $8,000 since March 28. Some traders had earlier suggested bitcoin prices were trapped below $7,000 due to selling pressure ahead of the tax deadline. Fundstrat's Tom Lee wrote last week that selling pressure was amplified for exchanges that often keep their working capital in bitcoin cash or ethereum and had to convert to U.S. dollars to pay their tax bills. Lee noted that selling "should ease up" as the tax deadline, which is Tuesday, April 17, approaches.