Bitcoin breaks past $8,000 to hit yet another 2019 price record

Source Trading View

Just a month ago, very few voices in crypto were as optimist as to imagine that Bitcoin would now be back to price levels of May of 2018.

But there is an ongoing blockchain and cryptocurrency conference in NY called Consensus, with big investors and influential market players gathered to network and discuss the current state of the industry.

Optimism is now rife among traders, given the parabollic trajectory of price growth that has shed most forecasts into pieces over the past few weeks. Bitcoin had also rallied during previous Consensus conferences.

"Bitcoin is acting differently since moving above its 200-day moving average" and the gains are occurring on strong volume, Fundstrat co-founder Tom Lee, a noted Bitcoin bull, wrote in an email.

With fundamental analysts often struggling to explain crypto markets, traders have recently pointed to institutions increasingly embracing digital coins.

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Bitcoin advanced 11% from Friday to $6,957.73 as of 9:01 a.m. Tokyo time, having earlier hit $7,585, according to Bitstamp pricing. Readers are advised to do their own research before investing in Bitcoin or other cryptocurrencies. When trading opened on Monday, futures traded on CME opened 12% higher.

According to data from Bitwise, which adjusts reported bitcoin spot volumes to account for fake volumes, the $1 billion plus worth of CME bitcoin futures volumes in the prior 24 hours was nearly double the bitcoin spot volume on Binance and triple volumes on Coinbase.

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.

The companies behind the digital exchange Bitfinex and the cryptocurrency Tether recently said that the so-called stablecoin is backed by cash and short-term securities only equal to 74% of the outstanding coins rather than completely pegged to the US dollar.

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