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Bitcoin surpasses $10000 briefly

Written by  May 08, 2020

Bitcoin (BTC) rallied Thursday on high volumes, trading above $10,000 for the first time since 24th February.

The bellwether cryptocurrency surged nearly 7% in 24 hours to $10,071 in the early hours of the morning, with most of those gains made in the last 12 hours. The price was flitting on both sides of the $10,000 threshold as of press time.

The rally means investors who purchased bitcoin at the beginning of the year would now be up almost 40% on their investment.

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The rise comes after a massive crypto market selloff in March, as the economic fallout from COVID-19 battered both traditional and new, alternative financial markets. As of press time, the S&P 500 stock index is still down 10% year-to-date.

Larger-than-usual bitcoin buying volumes on spot exchanges like Coinbase rapidly pushed up the price for 1 BTC starting around 13:00 UTC (9AM EDT) Thursday. Increased discussion around the bitcoin halving, an event expected May 11 which reduces supply generated by miners, has made the world's oldest cryptocurrency top of mind for many investors.

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Peter Flynn

Senior Editor and self confessed Crypto addict, bringing a variety of Crypto tech news, help and advice in the UK. I have worked in various fields throughout my career such as a Systems Administrator, Cyber Security Consultant and other technical related roles, these days I concentrate on Cryptocurrency journalism and technical writing.

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