Bitcoin is back in town — but it's unclear how it got here.
The cryptocurrency's price shot up by 15 percent on Tuesday, briefly surpassing $5,000 for the first time since November, reports CNN.
Founder and CEO of the deVere group Nigel Green said "there is a growing sense that Bitcoin is back," per CNN. But bitcoin is known for being volatile in the market, making it difficult to pinpoint the cause for the spike, CEO Hunter Horsley told CNBC.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The surge may have been caused in part by a $100 million order of bitcoin from an unknown private buyer, but even that order is inexplicable, analysts tell Reuters.
The jump in price has the potential to attract more investors to stake a claim in bitcoin. However, the sudden change shouldn't be considered shocking. Chief market analyst with TF Global Markets (UK) Ltd Naeem Aslam says that bitcoin is "kind of a beast" and has the ability to gain more than 20 percent on a daily basis, per CNN.
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
