Bitcoin (BTC) suddenly rallied Thursday after weeks in the doldrums, trading above $7,000 for the first time since March 11.
The bellwether cryptocurrency was up nearly 15 percent in the last 24 hours to $7,102.78 as of 17:50 UTC – with most of those gains made in just the last hour. It then slipped back to just below $7,000 as of 18:17, but was still up 11 percent on the day.
The rally followed a brutal selloff several weeks ago, as the economic fallout from coronavirus battered nearly all financial markets.
It is unclear what sparked the rally. One possible explanation, floated by an over-the-counter (OTC) trader, is that investors have begun to deploy capital now that the second quarter has started.
This is a developing story and CoinDesk will update it as we learn more.
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