Bitcoin Price Gains, Bitcoin Breaks Through $13,000, 'This just feels a lot like last time'. Bitcoin has surged 40 per cent this week. Bitcoin's furious run is starting to look more and more like it did at the height of crypto-mania two years ago. Bitcoin could be headed for another meteoric rise, but it's clear the crypto currency hasn't shaken the curse of volatility.
Its value surged on Wednesday, passing the $13,000 mark, before it shed about $1,000 within minutes. Around 6 pm ET, the currency was back to a $12,400-plus valuation. So far this year, bitcoin has risen more than 260 per cent, although it remains below its all-time high of nearly $US20,000 hit in December 2017. Bitcoin last traded up 14.7 per cent at $US13,475.
Bitcoin’s price has been on a tear across the last week, coming close to 18-month highs above $13,000 earlier in the day. The price was hovering around $9,000 one week ago. However, with Coin base's fix implemented, bitcoin’s (BTC) price is also back up above $12,588 at press time, after dropping to a temporary low of $11,754. BTC is currently changing hands for $12,827, as per Coin Market Cap data.
More than one expert pointed to recent tether activity as a potential variable behind bitcoin's sharp gains. In the last 60 days, roughly $600 million worth of tether, which trades under the ticker symbol USDT, has been minted, according to Ethers can data. Some market observers have pointed out that this influx of tether has coincided with significant increases in the price of bitcoin.
Last week, Facebook announced plans to launch its own crypto currency Libra, but it has immediately run into political opposition around the world, with calls for tighter regulation of the social media giant. 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 crypto currency project, key technical levels being broken, and safe haven buying amidst increasing global tensions and trade wars.