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Bitcoin Surges Most Since December After Breaching Key Levels

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Bitcoin surged the most on an intraday basis since December after breaking through key technical levels.

The biggest cryptocurrency climbed as much as 16.9 percent, piercing both the $7,000 and the $8,000 levels in a matter of minutes. Bitcoin swung wildly between gains and losses in December while reaching a record high of almost $20,000 before crashing.

Thomas Lee, head of research of Fundstrat Global Advisors LLC, cited a combination of Santander’s plan for a blockchain-based payment application, tax-related selling almost over and speculative short investors being squeezed out of the market for the surge.

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Some backers of the digital token noted that the bearishness may be fading after the recent swoon that drove the price down more an 60 percent in a few months.

“Serious money is now entering the market for the first time,” Jeffrey Van de Leemput, an analyst at Cryptocampus, a business that offers trading courses, said in a email.“A couple days ago I helped set up a 200k btc transaction for Chinese buyers. ... Soros etc are coming in, we will now see the start of the real bubble.”

George Soros, the billionaire investor who called cryptocurrencies a bubble in January, was said last week to have authorized his $26 billion family office to trade digital assets.

https://finance.yahoo.com/news/bitcoin-surges-most-since-december-112611485.html

 

 

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Do any of you here in the crypto world use Binance. Many are having trouble logging into the site. Anyone having this problem and any ideas as to a fix. Thanks.

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