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Bitcoin passes $7,000 level as winning streak continues

16 May 2019

Considering each contract is equal to 5 bitcoins, the total notional value of 33.7K contracts equates to more than $1 billion in total value traded, and more than 168K worth of bitcoins.

"Bitcoin is acting differently since moving above its 200-day moving average" and the gains are occurring on strong volume, Fundstrat co-founder Tom Lee, a noted Bitcoin bull, wrote in an email.

According to Coindesk price charts, this is the sharpest increase the cryptocurrency has seen since July of past year when it rose over $2,000 in under two weeks, which has naturally led to a huge amount of speculation about what is driving the current market.

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The first digital coin broke $8,000 and touched $8,187 late on Monday before retracing towards $8,8030 by the time of writing.

While it is hard to say what might have triggered the stellar recovery, analysts point out to the signs faster of institutional adoption as companies like Fidelity Investments and E*Trade expand their presence in the industry.

"There are literally dozens of reasons for Bitcoin to be surging right now but the important thing to remember is the main driver of this rally is increased adoption", Mati Greenspan, a senior market analyst at eToro, told Business Insider.

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There is no real fundamental explanation as to why bitcoin, the original cryptocurrency, hit a 10-month high on Monday. Ownership is anonymous, pricing is not always unified through arbitrage, and reporting and regulation are nearly non-existent - though for the past year USA futures authorities have disclosed net positions on American platforms.

Earlier this month, the Bank of Canada and Monetary Authority of Singapore announced that they had sent each other digital currencies using blockchain technology.

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Bitcoin passes $7,000 level as winning streak continues