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Bitcoin (BTC) Price Spikes Above $13k First Time Since January 2018

Bitcoin (BTC) price surges above $13,000 for the first time in over two years following positive news on the leading crypto over the week.

BTC was the first cryptocurrency to successfully record transactions on a secure, decentralized blockchain-based platform. BTC reached above $13,000 in January 2018, six weeks after it reached an all-time high of over $19,000.

Recently, BTC got attention from many publicly-traded companies like Microstrategy and Square, stating Bitcoin as a reserve asset. At the time of writing, BTC price is at $12,976 with a 24-hour trading volume of 19 billion, according to Coingecko

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Bitcoin Price Chart 1-Month (Source: TradingView)

Moreover, PayPal’s announcement on the launch of a new service enabled its customers to buy, hold, and sell digital currency with its 26 million merchants worldwide. This announcement also triggered the surge of BTC’s price.

In a July report, Bloomberg Intelligence set $13,000 as a breakout price target for bitcoin.  Called the leading digital currency ad a caged bull. Bitcoin has gained 82 percent, year to date. 

Bitcoin was also seen to be competitive against other cryptocurrencies such as the S&P 500 and gold. Today, the S&P 500 is traded at $3,465, while gold currently amounts to $1,733. Moreover, BTC is globally considered the sixth most valuable currency, with a higher value than all UK Pound Sterling notes and coins in circulation. 

Despite the global COVID-19 pandemic, BTC has managed to withstand all the crypto market trials and volatility. Particularly in countries like Japan and Turkey as well as the leading companies.

 

The News Crypto Staff

The News Crypto is a group of crypto journalists writing about the latest happenings in the crypto and blockchain industry.

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