Bitcoin climbs above $7 000 as cryptocurrency rally extends

Litecoin and Cardano rise by 6% in one-hour altcoins buoyed by BTC ascendance

Bitcoin rallied past $8,000, extending its longest winning streak since 2013 while giving fresh momentum to a cryptocurrency market that crashed only a year ago.

Monday's advance of as much as 26% comes only a few days after the digital asset broke through $6,000 and looks set to boost investor interest in conferences on the technology underlying the biggest crypto asset that are taking place in NY this week.

"There's been no shortage of explanations for the recent spike, some more ludicrous than others and none that are almost significant enough to match the size of the leap we've seen", Craig Erlam, senior market analyst at Oanda Corp.in London wrote in a note to investors.

Bitcoin jumped above the $7,000 level as its longest winning streak since 2013 continued to rekindle the global cryptocurrency market.

More news: Shrinking moon may cause moonquakes

"Blockchain Week is underway, co-sponsored by the New York City Economic Development Corp., and the Consensus forum is set to start, where people are "expecting a higher-quality conference", Lee said".

For now, Bitcoin sits slightly above $8000, priced at $8,230.53 according to CoinMarketCap. Tuesday's advance follows a 25% surge a day earlier - the biggest one-day increase for Bitcoin since 2014, the data show.

Other market participants said perceptions of bitcoin's resilience in the wake of last week's $40 million theft from the major Binance exchange was supporting sentiment.

Other explanations include positive sentiment around recent crypto conventions in NY and a potential safe haven from the U.S. Readers are advised to do their own research before investing in Bitcoin or other cryptocurrencies.

Related News:



Most liked

Jets fire GM Mike Maccagnan, HC Adam Gase named interim GM
Heimerdinger also worked with Maccagnan in Houston and had been with the Jets for just one season as the VP of player personnel. Philadelphia Eagles vice president of player personnel Joe Douglas could emerge as a candidate, Schefter suggested .

At least 4 dead after two floatplanes collide midair over Alaska
The cause of the crash in relatively good weather, high overcast skies with light southeast winds was not known. Coast Guard stated the nationalities of the deceased are 14 Americans, one Canadian and one Australian.

Students walk out of vigil for Colorado school shooting victims
School authorities informed the police as soon as the incident unfolded, and students were immediately evacuated to a safer area. The officer split his time between the two schools. "I want the world to know that he was a gift", Kendrick's father said .

Monster-hunting RPG Dauntless launches on May 21
Finally, players who begin their Dauntless journey next week will have the option of picking up a new Arcslayer Pack. Expect new expansions, adventures, deadly Behemoths and more - all on a regular basis and all free-to-play.

John Daly Has Responded To Tiger Woods’ Golf Cart Comment
The model doesn't like his chances to break through this week either despite oddsmakers listing him as one of the top favorites. At 29, Koepka envisions winning both of those at some point in his itinerant career that began on the European Challenge Tour.

Huawei chairman says ready to sign 'no-spy' deal with UK
Huawei is offering to sign no-spy agreements with governments to sell more of its telecom equipment. The U.S. says Chinese law compels Huawei to cooperate with Beijing's espionage agencies.

The new Apple TV app available in over 100 countries
Apple has even thought about the kids in the family with a "Kids" section that features curated content for children of all ages. The main draw is the new Apple TV app in iOS 12 .3 and tvOS 12.3, which replaces the TV app.

Bill implementing Brexit deal to be introduced in early June
The House of Commons has rejected May's divorce deal three times but has, as yet, been unable to agree on an alternative path. Signatories include potential leadership contenders Boris Johnson and Dominic Raab.

Putin Meets Pompeo as US Seeks 'a Way Forward' in Ties
A Kremlin spokesperson rejected the notion that Putin's schedule was an intentional "message" for the USA administration. The meeting of Trump and Putin would be held next month, as part of the G-20 Summit, in the Japanese city of Osaka.

New Leeds United Song is in 'Good Fun' - Lampard
Derby have won just one of their last 10 away matches in all competitions (W1 D5 L4). We need to prepare properly and be ready".

Why Manchester City could be banned from the Champions League
The latest online version of the New York Times article does not contain any reference to "people familiar with the case". The claims were based on documents purportedly obtained by whistleblowers Football Leaks .

Roma beat Juve to stay in CL hunt - English
But Inter, who have 63 points, can regain third place with a win over already-relegated bottom side Chievo later on Monday. Roma boosted their hopes of qualifying for next season's Champions League with victory over Serie A champions Juventus .

Trump Denies Trade Talks with China Have Collapsed
Trump launched the trade war previous year to extract profound economic reforms from Beijing and reduce the U.S. trade deficit. He urged US companies to "make your product at home in the United States of America and there is no Tariff".

Bond 25 Production Suspended After Daniel Craig Suffers Injury
The Sun reports the 51-year-old slipped and fell while running in the scene, and was flown to the U.S.to undergo X-rays. The latest addition includes Oscar-winner Rami Malek , who will be seen as the Bond villain.

Trump tweets well wishes to Jimmy Carter after hip surgery
He continues to hold Sunday School in Georgia, and visits Habitat for Humanity projects across the country. Carter was on his way to a turkey hunt, which is still on his mind, the Carter Center said.