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Bitcoin Price Climbs $400 In 20 Minutes to Reach 2-Week High
Bitcoin, the world's largest cryptocurrency by market capitalization has jumped 6.6 percent in quick succession pushing prices well above $6,600.
Updated Sep 13, 2021, 8:18 a.m. Published Aug 22, 2018, 2:30 a.m.
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Bitcoin, the world's largest cryptocurrency by market capitalization, has jumped 6.6 percent, pushing prices above $6,600 for the first time in weeks.
At 01:00 UTC, just after Tuesday's close, the cryptocurrency leapt $428 over the course of 20 minutes to cross the threshold for the first time since July 24, according to CoinDesk price data.
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Bitcoin was last seen trading at $6,750, marking roughly a 6.6 percent increase since the day's open.
At press time, bitcoin is gaining momentum, having stalled briefly at around $6,750 before crossing $6,800. Indeed, the spike in price could be attributed to investor sentiment in lieu of the fresh bitcoin ETF proposals, set to be decided upon on later this week.
The decision could be a defining moment for cryptocurrency in 2018, whereby a denial sends the price lower, while an approval brings additional liquidity from institutional investors.
Either way, the total market rose by a total of $11 billion in one hour as a large injection of capital entered the market seeking bitcoin amidst the move. At press time, the total value of all cryptocurrencies was $221 billion, CoinMarketCap data shows.
: The author holds USDT at the time of writing.
Image via Shutterstock
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Despite the price recovery, the Crypto Fear & Greed Index remains in “extreme fear,” indicating underlying market anxiety.
What to know:
- Bitcoin’s price recovered above $70,000 after a drop, driven by cooler-than-expected U.S. inflation data and increased risk appetite.
- Despite the price recovery, the Crypto Fear & Greed Index remains in “extreme fear,” indicating underlying market anxiety.
- $8.7 billion in bitcoin losses were realized in the last week, potentially signaling a capitulation event and a shift of supply to stronger hands.
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