RATE Group | Bitcoin Breaches $10K for First Time Since February
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Bitcoin Breaches $10K for First Time Since February

08 May Bitcoin Breaches $10K for First Time Since February

Posted at 01:55h in Bitcoin News by

Bitcoin (BTC) rallied Thursday on high volumes, trading above $10,000 for the first time since Feb. 24 late in the day.

The bellwether cryptocurrency surged nearly 7% in 24 hours to $10,071 as of 23:47 UTC (7:47 pm EDT), with most of those gains made in the last 12 hours. The price was flitting on both sides of the $10,000 threshold as of press time.

The rally means investors who purchased bitcoin at the beginning of the year would now be up almost 40% on their investment. The rise comes after a massive crypto market selloff in March, as the economic fallout from COVID-19 battered both traditional and new, alternative financial markets. As of press time, the S&P 500 stock index is still down 10% year-to-date.

Larger-than-usual bitcoin buying volumes on spot exchanges like Coinbase rapidly pushed up the price for 1 BTC starting around 13:00 UTC (9AM EDT) Thursday.

Increased discussion around the bitcoin halving, an event expected May 11 which reduces supply generated by miners, has…

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