Bitcoin Soars Above $9,000, Experts Suggest Twitter CEO’s Bet Must Have Triggered The Rise
The bitcoin price has soared, briefly climbing above the $9,000 per bitcoin mark on the Luxembourg-based Bitstamp exchange before falling back slightly. Some have suggested the China coronavirus emergency is behind bitcoin’s 5% rise today, though others have dismissed those claims.
The top cryptocurrency by market value crossed the 200-day moving average at $9,000 during Tuesday’s Asian trading hours and rose to a high of $9,150, pushing the cumulative month-to-date gains to over 25 percent.
Amid regulatory scrutiny triggered by social media giant Facebook’s plans to launch its own answer to bitcoin, Dorsey has vowed to help bitcoin development through his payments company, Square—which said it’s “only a matter of time until instant, low-fee bitcoin payments are as common as cash used to be.”
Notably, the Dow Jones Industrial Average fell by more than 450 points on Monday with travel-related shares suffering sharp losses on fears that the coronavirus outbreak in China could spread globally, hurting global economic growth.
Bitcoin adoption has stalled and crypto trading volume has crashed—but that’s not stopping Twitter’s chief executive Jack Dorsey who’s convinced bitcoin is the future.
The bitcoin price, still half its all-time high, has struggled to regain the levels it reached in late 2017, though climbed through last year after a disastrous 2018.