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Bitcoin’s price just surged, and no one knows why

Bitcoin’s price just surged, and no one knows why
[Photo: Thought Catalog/Unsplash]

On Tuesday morning, the price of bitcoin shot up over 17%–bringing it to a four-month high. It has since gone down a bit, but remains at around $4,700 compared to $4,100 a day earlier. At its peak today, it hit $4,961.78, according to CoinDesk (Reuters, however, claims that the price briefly hit $5,000). Other coins–including ether, XRP, and litecoin–also saw a price boost as a result of bitcoin’s sudden burst.

Screenshot via Coindesk

What caused today’s surge remains unclear. A little over a year ago, cryptocurrency investing was all the rage until the market crashed. Now, investors remain wary of the frequent and unpredictable price fluctuations.

According to Bloomberg, one potential culprit behind today’s price activity may be an April Fools’ Joke. An article was widely shared throughout the bitcoin community yesterday that falsely said the SEC approve bitcoin-based exchange trade funds. (Yet another reason why April Fools’ Day is a bad and dumb holiday in this day and age.)

Others experts remain mystified about what caused the jump. George Harrap, the CEO of Bitspark, told Bloomberg, “The reason why? Anybody’s guess at the moment.”

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