Bitcoin Has Leapt Sharply Higher -- Here's Why
Bitcoin, which just last week had its first major sell-off in months, has this morning jumped almost 10%, powering the world’s largest cryptocurrency back above $6,500 after it looked likely to fall below the psychological $6,000 late last week.
Bitcoin leapt from $6,222 earlier today to early highs of $6,732, according to CoinDesk data, adding almost $10 billion to bitcoin’s market capitalization in a matter of minutes. On some exchanges, including the Hong Kong-based Bitfinex exchange where bitcoin often trades at a premium, the bitcoin price climbed to over $7,000.
The sudden rise in the bitcoin price this morning was signaled by a sell-off of the dollar-linked tether digital coin — the only cryptocurrency which is down today, according to CoinMarketCap data.
Traders often sell tether to buy other cryptocurrencies and a sudden influx of tether sellers would push down the tether price .