Bitcoin (BTC) is heading up towards the $7,000 price point after surging by 23% in the last 24 hours. Although the price of Bitcoin is shifting rapidly, it currently sits at $6,850—up $1,600 from a low point of $5,250 yesterday.

Bitcoin has now been in an uptrend for four consecutive days, throughout which it has climbed from a bottom of $4,583, up to its current value—a rise of 50%.

Bitcoin
BTC
+0.70%$104,446.86
24H7D1M1YMAX
Created with Highcharts 10.3.3May​14May​16May​18May​20May​22May​24May​26May​28May​30Jun 1Jun 3Jun 5Jun 7Jun 9Jun 11Jun 13Jun …$100000$102500$105000$107500$110000$112500
Price data by
BTC price

Nonetheless, the cryptocurrency is still down 29% for the month, after seeing a dramatic sell-off between March 10 and March 13 when the World Health Organization declared Covid-19 a worldwide pandemic.

Bitcoin trading volumes have gradually picked up in recent days too. Bitcoin saw $51 billion in trading volume in the last 24 hours, up 54% from a low of $33 billion on March 15.

Loeffler denies the accusations of insider trading. (Photo: Shutterstock)

Insider trading: 'ridiculous attack' decries former Bakkt CEO

Former Bakkt CEO and now US senator Kelly Loeffler has denied allegations of insider trading this week after being accused of offloading millions in stocks following a private briefing on the coronavirus outbreak. According to disclosure documents, Loeffler first reported selling the stock, worth between $50,001 and $100,000, on January 24. The records reveal further sales up to $3,100,000. The markets crashed not long after. She also made a couple of investments. She put $100,000 and $250,000 i...

NewsBusiness
2 min read
Will Heasman

Bitcoin's rally has helped boost the rest of the cryptocurrency market. Most cryptocurrencies have seen gains in excess of 15% in the last day, while some cryptocurrencies, including Bitcoin SV (BSV) and IOTA are up around 40% since yesterday.

Even traditional market instruments have seen a recovery in recent days, with the Dow Jones up more than 5% since yesterday, while gold and most other markets are also in the green. But with more cities going on lockdown, how long will the market recovery last?

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.