Bitcoin hit $7,600 on Thursday, its highest level yet since crashing in early March. The cryptocurrency climbed more than 10% during the last 24 hours spurred by the return of leveraged money.
Bitcoin cash (BCH), ethereum (ETH), and ripple (XRP) all rose above 4% to $239, $189, and $0.19, respectively. The digital asset litecoin (LTC) soared more than 7%.
Bitcoin plunged 27% on March 12, otherwise known as ‘Black Thursday, as global financial markets reeled from effects of the coronavirus pandemic.
Experts have targeted a break above $8,000 as a key indicator for a bull run. But after the Thursday pump, BTC got rejected a hair, suggesting this “was not a normal bull flag.” The flash pump above $7,700 quickly lost momentum.
Since mid-March, BTC has appeared to move in sync with riskier assets like stock markets, rising when they rise and falling when they fall. U.S. equities gained on Thursday fuelled by hopes sections of the economy may soon open.
There are other factors in support of a bitcoin rally,…