Bitcoin Has Jumped $300 To Over $7,000 -- Here's Why

August 29, 2018

 

Despite the U.S. Securities and Exchange Commission (SEC) rejecting a total of nine separate proposals for bitcoin exchange-traded funds (ETFs) last week, the bitcoin price has managed to jump again to over the psychological $7,000 mark — adding $200 at around 1am GMT then climbing further. The price jump follows similar moves from bitcoin and the wider cryptocurrency market last week, which was at the time put down to short positions closing on many exchanges, causing a so-called short squeeze. As often happens when the bitcoin price jumps or falls, the wider cryptocurrency market moves with it.

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