Bitcoin price bursts up through $7,000 in $300 surge

The price of Bitcoin has shot up $300 in minutes, breaking through $7,000 on crypto exchange Binance. Its current price is $7,100.

Bitcoin's price is now up 70% from its low this month of $4,200. It fell that low in two days of back-to-back losses, as the traditional markets also slipped due to the coronavirus pandemic.

However, it's still down 20% from its pre-crash price of $9,000.

The price on crypto exchanges Bitfinex, Binance and Kraken appear to be leading the surge, with prices rising on other exchanges as a result. Binance announced earlier today that it has acquired crypto data site CoinMarketCap in a deal rumoured to be worth up to $400 million.

As Decrypt reported earlier today, Tether has minted $300 million of its 74% US dollar-backed stablecoin in the last week. According to Whale Alerts, $60 million of USDT was minted in the last day, while two lots of $120 million were printed earlier this week.

Looking at the Bitcoin price map, the price of Bitcoin varies considerably around the world, from as low as $6,700 to highs of $7,900.

On the news, pseudonymous crypto personality Hodlonaut tweeted, "Well, hello Bitcoin." Hodlonaut is known for starting the Bitcoin Lightning torch and for being sued by self-proclaimed Bitcoin inventor Craig Wright—which was later dismissed.

Crypto commentator and journalist Joseph Young said, "Someone tag peter schiff." Schiff is a well-known Bitcoin skeptic and gold bug who once lost a large amount of Bitcoin. He has recently claimed that the price of Bitcoin will go to zero.

But not yet, it seems.