In case you have missed it, Bitcoin is going crazy. Last month, Bitcoin passed up the $45,000 mark. Now, it is headed past $60K, following a 20% jump in just five days.
According to CNN Business, the bitcoin surge is a product of billions pouring into the cryptocurrency after the US Securities and Exchange Commission approved bitcoin exchange-traded funds in January.
Adding to the rise is “halving,” which is a feature of bitcoin that reduces the rate of new coins in circulation every year, making the price go higher.
Conversely, investors are optimistic that halving won’t lead to a positive period and are looking to cash out on the surge. The surge has led to an impact on Coinbase.
“Some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling,” Coinbase Support wrote on Wednesday. “Our team is investigating this & will provide an update shortly. Your assets are safe.”
You can find out more here.
The post What is Causing the Current Bitcoin Surge? first appeared on The Source.
The post What is Causing the Current Bitcoin Surge? appeared first on The Source.