According to Bitfinex, Bitcoin has surged over $1000 dollars in less than 20 minutes. At the time of writing this article, Bitcoin is being traded around $7923. The last time that bitcoin was traded at this price level was on March the 29th.
There are no clear explanations why Bitcoin experienced this aggressive surge, but some reports is suggesting that it can be related to a new plan known as ‘building bridges.’ This project wants to inject new liquidity to bitcoin and the cryptocurrency market.
Mati Greenspan, a senior market analyst at Etoro, explained:
“The more liquidity we get into the market, the better it’s going to be. But the more important thing is that they’re ready to take on and to inject new liquidity into this market that at least should even things out and stabilize the price.”
During the last months, different FUD campaigns spread in the cryptocurrency community. Bitcoin is in a bear market since its all time high in December 2017, and it couldn’t recover from it yet. It is important to mark that second quarters of the year tend to be better in terms of price for Bitcoin.
Besides that, the developing community is working in order to release the latest scaling solution for Bitcoin, known as the Lightning Network.
The latest spike in the price of bitcoin has been one of the highest in months. It will be important to follow how the price keeps evolving after moving almost 1,000 dollars in less than 20 minutes. Right now, bitcoin is operating stable at $7800 dollars.