Bitcoin has just seen its price jump more than 8% in less than 40 minutes to break what many have seen as the crucial $7,000 mark.
Trading at the time of writing at $7,380 – the leading cryptocurrency saw a dramatic spike at around 18:20 BST – soaring to highs of nearly $7,400 within an hour, and accompanied by a massive surge in volume:
With altcoins also experiencing a significant boost – and ETH breaking $500 – it is as yet unclear what precisely has driven the sudden surge in price.
Although it is hard to prove any correlation conclusively – today has seen some news taken as bullish by the crypto community – with the appointment of the apparently crypto-friendly David Solomon as Goldman Sachs CEO confirmed this morning.
Yesterday’s news surrounding asset management firm BlackRock’s reported interest in crypto markets has also been suggested to be behind some of the bullish activity – although it is unclear from the timing of the reports that it had any connection to the smaller price spike seen in the morning.
More to follow…