Bitcoin Jumps $1,000 in 60 Minutes

Bitcoin rallied over $1,000 in an hour this morning, having spent a better part of the last two weeks trading sideways in a narrow price range.The move marks a 13 percent gain from the previous day's close of $6,939. Other cryptocurrencies like Ethereum and Ripple also rose sharply. 

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One minute sensationalist article on crypto crash, next minute crypto rally. 

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Even analysts are confused what caused the value increase by this large amount because there were no significant news story. They are speculating it was sparked a surge in bitcoin investment. 

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everyone still think there's no correlation to the equities market??

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This could very well be the tax season effect as many have predicted. There's no real way of telling, but we're nearing the filing deadline and many have sold off what they were going to sell of to foot the bill for taxes. Otherwise, I don't see much catalyst for the jump other than the suggestion that there's a bigger stock market correlation that we've believed. 

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Thats what i like to see. 

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still rockin' it

 

Screen Shot 2018-04-12 at 7.49.27 PM.png

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of course, we used to think $19,000 was 'rockin' it', but now we've lowered our standards. Lots of talk about the SEC picking on speed on the crackdown, but I don't see it happening very fast. I don't think the SEC really knows what to do just yet. 

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Taxes, maybe. Short trades also unwinding. But blockchain companies also got a nice boost: Riot jumped almost 13% Tuesday and Overstock rallied 8%. Others, too. 

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Over $8100 this morning ... But I'm thinking the overall crypto hype has cooled down a bit so maybe this will start somewhat less volatile going forward. $1000 is nothing compared to the swings it used to have. Think we're entering a new phase. 

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This from Alex Kimani on Safehaven: 

image.png.5066a040366d78541eca06e28a30a49d.png

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