Newsflash: Bitcoin Price Jumps Above $6800

2018/7/8 12:06:05

Potential factors that may have impacted the price spike include so-called crypto “whales” choosing this moment to place large buy orders for Bitcoin.  


By Samburaj Das for CCN, JULY 08, 2018 09:40


Bitcoin price abruptly jumped over $6800 (Bitfinex) during trading on Saturday, representing yet another attempt to break above $7,000 during the ongoing bear cycle.




There are a number of factors that could have contributed to this sudden jump. Bitcoin, and cryptocurrencies more generally, have seen a plethora of positive news this week.

For instance, South Korea – a major crypto trading market – announced that they were loosening restrictions on all manners of cryptocurrency trading across the board, including examining allowing domestic initial coin offerings (ICOs).

This is according to the Korea Times, who stated, “Financial regulators plan to ease rules on crypto-based assets in line with policies initiated by G20 nations to establish unified regulations.” As reported by CCN this, South Korean authorities are also looking at classifying cryptocurrency exchanges as regulated financial institutions.

Another major occurrence is the increasingly successful lightning network. Some reports making the rounds online have even stated that the lightning network capacity is increasing 50% every week. Additionally, 20 new stores per day are accepting Lightning payments.





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