Bitcoin holds above $7000 after hitting nine-month high

Bitcoin holds above $7000 after hitting nine-month high

Crypto Twitter has been greeting the new trading range of Bitcoin with most posters welcoming the good news after a long, but apparently gone, bear market.

Monday's advance of as much as 26% comes only a few days after the digital asset broke through $6,000 and looks set to boost investor interest in conferences on the technology underlying the biggest crypto asset that are taking place in NY this week.

Optimism is now rife among traders, given the parabollic trajectory of price growth that has shed most forecasts into pieces over the past few weeks.

While no single factor can explain what led to the increase, prominent crypto-analyst Alex Krüger suggested that the trend appears to indicate large, institutional and systematic buying.

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Earlier this month, the Bank of Canada and Monetary Authority of Singapore announced that they had sent each other digital currencies using blockchain technology.

Bitcoin rose as much as 6.9% to US$7,445, before trading at US$7,323.86 as of 2:15 p.m. Hong Kong time on Sunday, according to Bitstamp. Rival coins surged in a broad rally, with Bitcoin Cash up as much as 40%, and Litecoin and Ether both at least 21% higher. Readers are advised to do their own research before investing in Bitcoin or other cryptocurrencies.

While Bitcoin has more than doubled from its post-crash low, the crypto space is by no means free of headaches. According to data from Bitwise, which adjusts reported bitcoin spot volumes to account for fake volumes, the $1 billion plus worth of CME bitcoin futures volumes in the prior 24 hours was nearly double the bitcoin spot volume on Binance and triple volumes on Coinbase.

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