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Above $7K: Bitcoin's Price Shoots Up $600 in 30 Minutes
Bitcoin's price shot well above $7,000 Tuesday in a dramatic move.
By Sam Ouimet
Updated Sep 14, 2021, 1:53 p.m. Published Jul 17, 2018, 6:13 p.m.
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Bitcoin's price shot well above $7,000 Tuesday in a dramatic move that took the cryptocurrency to a level it hasn't seen in more than a month.
As of press time, the world's most valuable cryptocurrency by market capitalization was trading at $7,368.22, up more than $600 from the day's open at $6,726.40. Indeed, the market moved quickly, posting the gains over the course of 45 minutes.
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CoinDesk's Bitcoin Price Index (BPI) registered a market high of $7,408.28 amidst the sudden spike upward. The last time the price was this high was on June 10, BPI figures reveal.
At press time, Bitcoin is the biggest gainer among the top 10 cryptocurrencies by market capitalization and is reporting a 16.19 percent week-to-week price increase, according to price tracking site CoinMarketCap.
Other major cryptocurrencies are following suit – a usual occurrence when bitcoin prices surge. Names like XRP, EOS, and are all printing gains above 6 percent.
Per CoinMarketCap, the total market capitalization for the cryptocurrency market hit roughly $287 billion in light of the market uptick.
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Bitcoin shakes off U.S. session losses as Trump says U.S. trade deficit cut by 78%
Investors are focused less on the accuracy of Trump’s trade figures and more on how renewed tariff talk could mean higher-for-longer interest rates.
What to know:
- Bitcoin swung between about $65,900 and $67,000 on Thursday as traders reacted to former President Donald J. Trump’s claim that tariffs have slashed the U.S. trade deficit by 78 percent.
- Investors are focused less on the accuracy of Trump’s trade figures and more on how renewed tariff talk could mean higher-for-longer interest rates, a stronger dollar and pressure on risk assets like cryptocurrencies.
- Bitcoin has recently been trading as a macro proxy, moving with shifts in liquidity and rate expectations, and could struggle to hold rallies if tariff concerns tighten financial conditions rather than fade into political noise.
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