Bitcoin jumps 10%, topping $7,000 in sudden move on Coinbase

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  • Bitcoin, the world’s most valuable virtual currency by market value, rose by more than 10 percent Tuesday to $7,395.
  • One cryptocurrency veteran said the rise in the price of bitcoin is due to technical levels.
  • “The $6,800 level was massive resistance for three weeks and I think people were shorting against that and they just got their face ripped off,” said Brian Kelly, CEO of BKCM.

Bitcoin jumped in a sudden move around 2:00 pm New York time, on Coinbase.

The world’s most valuable virtual currency by market value was trading higher by more than 10 percent Tuesday to $7,395.

One cryptocurrency veteran said the rise in the price of bitcoin is due to technical levels.

“The $6,800 level was massive resistance for three weeks and I think people were shorting against that and they just got their face ripped off,” said Brian Kelly, CEO of BKCM.

Earlier this week asset-management giant BlackRock confirmed it has setup a working group to look into cryptocurrencies and blockchain technology.

Bitcoin has a total market capitalization of more than $125 billion, according to CoinMarketCap.

Read more at:  CNBC

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