What Caused Bitcoin to Surge Almost 10% in a Matter of Hours?

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image source: money.udn.com

Bitcoin’s price has today seen massive gains from its daily low of around $6,650 according to an industry analysis website CoinMarketCap. As of press writing, a single Bitcoin is priced at over $7,455. It’s the largest jump so far in the price of the digital asset after how many months.

It’s difficult to determine what exactly caused the sudden growth in the market capitalization of Bitcoin. However, the fundamental of its asset has gradually improved this year but the market remained a pessimistic environment for investors.

In the last few weeks, Bitcoin had positive regulatory news in the form of the U.S. Securities and Exchange Commission (SEC) which decided not to classify it as a security. There are also brand new hopes for a Bitcoin exchange traded fund on the horizon.

On top of all this, there are unexpected efforts from leading companies in the space in appealing to the institutional investor class. The likes of Circle, Coinbase, and Blockchain are all exploring and creating a tailored service for high net-worth money managers.

Another interesting observation about today’s sudden price surge is that trading volume also seemed to be rocketing up right now.

One clear indication of a huge surge of demand coming for Bitcoin is digital asset exchange giant Binance suddenly crashing. However, it appeared that the downtime was quite  short-lived as the exchange is now up and running at the time of writing.

Sudden Exchanges was also overwhelmed by the demand and it is something of a hallmark massive spike of interest in Bitcoin. This was