Cryptocurrency prices surged on Thursday as the world’s largest currency, Bitcoin, rose to a two-week high. The pressure was largely focused on traders who bet against the prices.
On Bitstamp, the Luxembourg based exchange, the price of Bitcoin rose by up to 17% at one point. The famous cryptocurrency reached the price of 7,705 dollars, its highest level since March 29. Other digital currencies, such as Ethereum and Ripple, have also risen strongly, by more than 10 percent, and EOS has surged by more than 30 percent.
After the digital currency hit nearly $20,000 in December, the price of Bitcoin fell this year, on concerns over strict regulatory restrictions and fears it could just be a bubble that could now pop at any time. This has led some traders to bet heavily against Bitcoin (also called shorting) and other cryptocurrencies. Digital markets analysts have pointed out that the biggest moves in Bitcoin trading took place first on the Bitfinex exchange, before deploying to other platforms.
Morale towards digital currencies has been improving in recent days, leading to higher prices, which could lead to a new boom, according to cryptocurrency analysts. Other analysts said that there was no clear news behind the move, but some cited recent reports that one of the world’s biggest traders, billionaire George Soros, had decided to start trading digital currencies.