Bitcoin Continues to Rally, Tops $12k

 

 

 

 

 

The Bitcoin markets continued their rally on Wednesday, as trading sent the price of the world’s most well-known cryptocurrency past the $12,000 mark. During intraday trading, the price went even higher, passing the $13,000 milestone before plunging back below $12,000. At press time, Bitcoin’s price had recovered to $12,620.

According to CNBC, the sudden price drop occurred in the same time frame as a reported service outage on major cryptocurrency exchange Coinbase. The company reportedly blamed the outage on “high volume” – a problem that plagued Coinbase throughout much of the 2017 Bitcoin bull run that saw prices rise to nearly $20,000 by year’s end.

Meanwhile, analysts credited a variety of factors for Bitcoin’s recent positive price movement:

While bitcoin’s price moves can be opaque, analysts largely attributed the bounce back from 2018 lows to more interest in the space following Facebook’s announcement of a cryptocurrency project, key technical levels being broken, and safe haven buying amidst increasing global tensions and trade wars.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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