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Holy mackerel! Bitcoin has fired past the $8,000 mark! What has happened? Not that we’re complaining, but this is a massive gain for a currency that was misfiring heavily up until a few weeks ago!
Bitcoin Has Surged Past $8,000
Just yesterday, the currency was trading for about $7,700. This, itself, was a massive jump from where the currency was prior. Bitcoin has been struggling since early March. The currency was trading for well over $10,000 in mid-February, but ultimately fell into the high $8,000 range a few weeks later – a couple hundred dollars higher than where it stands right now.
This drop ultimately sent bitcoin into a downward spiral that continued over the next several weeks. First, it was $7,000. Then $6,000 followed by $5,000. It wasn’t long before bitcoin, for a very brief period, was trading in the high $3,000 range, the lowest it had been since early 2019. However, this didn’t last too long thankfully, and the currency hurled itself back into the $5,000 range. It stayed here for some time, then shot up to $6,000 and finally $7,000.
It was here where the coin encountered the most resistance. Bitcoin hovered between $6,700 and $7,000 for the longest time, going up and down, up and down. Eventually, the asset rose beyond the $7,500 mark, defying all present blockades and proving itself to be quite resilient – even during times of economic strife.
Now, another major surge has happened. At the time of writing, bitcoin is trading for well over $8,300, the highest it’s been in nearly two months. As it stands, two major factors are likely contributing to the coin’s sudden jump.
The first is the halving. As the event gets closer and closer, the coin has endured massive surges that have now added close to $2,000 to its overall price. The halving is set to occur in about two weeks, and many anticipate that the event will bring the coin back up to its all-time high of $20,000, which it first accomplished in December of 2017.
The second major element is that many parts of the global economy are being reopened following the coronavirus pandemic that sent a wave of fear sweeping through nations. Many countries, cities and governments found themselves working to shut down stores, factories and other establishments as a means of keeping people home and combatting the virus that has allegedly caused more than 100,000 deaths around the world.
The Fear Is Disappearing, and So Are the Asset’s Drops
California has expressed plans to begin reopening its economy, while other states, such as Georgia, have already taken the first steps. In addition, countries such as Germany have also initiated plans to reopen non-essential businesses and bring people back to work.
Now that the fear is subsiding, it looks like bitcoin’s recent price slides are disappearing with it.