Newsflash: Bitcoin Price Pierces $8,500, Extending Bull Run Further
Fundstrat founder Tom Lee’s prediction that the bitcoin price would see “new highs in July” appears unlikely to materialize, but there’s no denying that the market has been showing signs of emerging from the seven-month bear market that drove cryptocurrency valuations down approximately 70 percent from their mid-December peaks. Tuesday evening, that rally took another step forward, as the bitcoin price barreled through $8,500 for the first time since May 21. On Coinbase, the flagship cryptocurrency marched past this threshold at approximately 23:45 UTC, ultimately inching up to $8,503 before ebbing back to a present value of $8,446. Bitcoin (BTC) is up 8.95% over the past 24 hours and is currently trading at $8,430.00 on Coinbase.