Bitcoin (BTC) Jumps Above $7,000, Leading the Crypto Market Higher


The cryptocurrency market is off to a strong start this week, with Bitcoin (BTC) jumping 6.3% in a matter of minutes to $6,700 before continuing north of $7,150.

While it’s unclear what exactly is driving the recent surge in Bitcoin’s price, the rapid gains may have originated from Tether sales on Bitfinex before quickly spreading to other exchanges via trading bots. The current short interest on Bitfinex stands near all-time highs with roughly¬†36,153 BTC being sold short, or roughly $241,000,000.

Bitfinex BTC/USD Short Interest via TradingView

The rest of the cryptocurrency market has rallied alongside Bitcoin, with the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, now up around 10% in the last few hours.

Multiple altcoins are now trading in the green, lead by Komodo (18.8%), Pundi X (16.8%) and Kin (16.4%).

AltDex 100 Index
More: Tether (USDT) Decouples From U.S. Dollar, Driving Bitcoin Higher
Interesting: Tone Vays Makes His First Bitcoin (BTC) Trade of 2018, Sets $5,000 Price Target

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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