The Bitcoin price (BTC/USD) has broken through the next big psychological level following a big surge in today’s morning trading.
The original cryptocurrency performed strongly on Monday, with its price finally securing a decisive break above $7,500 after making several unsuccessful attempts in previous sessions. The digital coin managed to break above $7,700 in the afternoon, rising to an intraday high of $7,771. It eventually finished the session at $7,711.11, securing its first close above the $7,700 mark since June 3.
Following a successful defence of the $7,700 level in today’s early trading, Bitcoin saw a big surge that put the coin in a position to test key $8,000 level. The Bitcoin price broke through that barrier in recent trading, reaching its highest level in two months. At the time of writing, the Bitcoin price was hovering around $8,005, according to data from digital currency tracker Coinmarketcap.
The current price levels mean that Bitcoin has gained more than 37% since it hit a 2018 low of $5,826.41 a month ago.
The latest surge may be driven by hopes that the US Securities and Exchange Commission (SEC) may finally give its approval for the creation of Bitcoin exchange-traded fund. The watchdog is currently considering whether to approve a request for an ETF, filed through the Chicago Board of Exchange (CBOE) by New York-based VanEck and blockchain platform SolidX. A recent report by The ICO Journal has suggested that the regulator is likely to issue a favourable ruling as soon as next month.
In today’s trading, the Bitcoin price stood at $8,004.80, as of 09:11 BST. The digital currency has gained nearly 4% in the past 24 hours. Its total market capitalisation currently stands at $137.4 billion, which represents 46.7% of the total value of all digital coins.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.