Newsflash: Bitcoin Price Crosses $6,300 as Trading Volume Spikes

Journalist:
Josiah Wilmoth @Y3llowb1ackbird
June 30, 2018

The bitcoin price briefly crossed $6,300 on Friday after a surge in trading volume led to a significant price swing.

Bitcoin had languished below $6,000 for most of the day after dipping below that mark on Thursday. That changed at approximately 22:30 UTC, when a sudden spike in trading volume hurled the bitcoin price above the $6,000, $6,100, and $6,200 marks in quick succession.

The flagship cryptocurrency ultimately rose as high as $6,302, its highest mark since June 25, though it has since receded back to a present value of $6,238 heading into Saturday morning.

BTC Price Chart

Bitcoin currently has a $106.4 billion market cap, which translates into a 24-hour increase of more than five percent. Perhaps even more notably, the rally brought bitcoin’s weekly chart into positive territory, and BTC is now up 1.18 percent over the past seven days.

The total cryptocurrency market cap, meanwhile, has recovered to $249.3 billion after declining as low as $232 billion on Friday during intraday trading.

There does not appear to have been a clear trigger for the rally. There has been renewed hope of the possibility of U.S. regulators approving a bitcoin ETF in the near future, but past denials have likely taught investors not to buy the rumor on these discussions.

Click here for a real-time bitcoin price chart.

Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.