Earlier this week, the price of Bitcoin spiked by 10%, putting it over $7,000. And then something strange happened: It didn’t go back down. According to Coindesk, the price for one digital coin is still over $7,569–up from $6,360 the past Monday.
Screenshot from Coindesk
It’s unclear what exactly led to this surge, but there could be a few factors. For one, institutional support for the cryptocurrency has been stronger than usual. Blackrock, the world’s largest asset management firm, announced it was looking into Bitcoin–which absolutely helped spur the surge. Blackrock is just one of many financial services companies looking into cryptocurrencies and the blockchain. Mastercard, meanwhile, has been granted a patent that tries to allow cryptocurrencies to be stored under its accounts.
Now people are waiting for the price to exceed $8,000, which would make this recent price jump truly momentous. For the time being, the currency is seeing its highest price in months. We’ll have to wait and see how long it lasts.