What is going on with Bitcoin's jump? Here's what experts say:
Even the most ardent bitcoin maximalist would agree it’s been a difficult 12 months for the world’s best-known digital currency. After trading near $20,000 in late 2017, the best-known cryptocurrency tumbled as much as 80%, demolishing portfolios and ending dreams of early retirements.
“There’s always a myriad of possible reasons why bitcoin has had a surge in price. The fact that there was $415 million worth in short positions on the Bitmex exchange may have been too succulent a target for the market not to move against,” said George McDonaugh, CEO of KR1, a London-based digital asset investment company in an email to MarketWatch.
He added a close above the 200-day moving average, which currently stands at around $4,600, would be a constructive technical break. The cryptocurrency last closed above its 200-day moving average in March of 2018.Part of the fundamental outlook bitcoin aficionados have been touting is the coming block reward halving, scheduled for May 2020.
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