Bitcoin Hits $8k
Bitcoin enthusiasts are shouting with glee as BTC has officially hit past $8k again. This marks the first time this has happened in years and shows that the continued progress to make cryptocurrencies mainstream is beginning to work. The rise in value is attributed to the continuous good news about bitcoin, blockchain technologies and cryptocurrencies being in the media regularly this year.
Even though there has been good news about BTC regularly this year, there has also been some bad news. It was only last month that Binance was hacked and lost $40 million in Bitcoin. Tether, another exchange was also a part of a momentous scandal that rocked the market space. It’s shocking to see BTC rise so quickly after a hack; it has never before been seen.
Numerous traders in the blockchain and cryptocurrency market have spoken openly over Twitter regarding Bitcoin surpassing $8,000.00 again. Tom Lee of Fundstrat stated, “That’s really important because bringing in that new interest into managed crypto can really push bitcoin to its all-time high.”
JP Morgan Chase
It’s been less than forty-eight hours since Bitcoin surpassed $8k and already there are claims that as the worlds markets fluctuate, that Bitcoin is the best currency to purchase as its non-sovereign and is worth large quantities of money. This news comes from JP Morgan Chase’s Digital Sector Co-Founder, who stated: “JPMorgan is telling people that the trade war between the U.S. and China could boost safe-haven currencies. Bitcoin is the best safe haven currency in the world. Nervous about global chaos, buy the strongest non-sovereign currency.”
In the meantime, crypto exchanges across the globe are feeling the positive effects of Bitcoin rising to $8k. Trading volumes increase significantly overnight and shows no signs of slowing down anytime soon. It’ll be interesting to see percentages when they are released by Ripple & other crypto exchanges across the globe.