Bitcoin Trending above $7,000 As Price Pushes Up

Price as at the time of publication: $7,213.13.

The bitcoin price posted a 7% recovery on Wednesday, enabling it to climb nearly $500 in the past 24 hours alone. Since November 12, when the bitcoin price briefly crashed as low as $5,519, the flagship cryptocurrency has recovered by approximately $1,500, bringing it ever closer to the high-water mark it set last week shortly after the SegWit2x hard fork was called off. The price therefore translates to a $116.8 billion market cap.

 

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What factors could have been responsible for this? Now, here are the factors responsible.

  1. The fact that Man Group, one of the world’s largest hedge funds, stated yesterday that the launch of bitcoin futures contracts will convince it to make bitcoin part of its “investment universe”.
  2. Another reason could be that traders are likely bullish on the fact that mobile financial services application Square Cash is testing bitcoin integration and has already rolled the feature out to some users

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