Bitcoin spikes to above $12,000 as bullish run gains momentum


Global prices of the world’s largest digital currency, Bitcoin has now risen above $12,000 for the first time this year after a full week period of bullish gains.

Across major cryptocurrency exchanges, Bitcoin now trades at (as at the time of writing this report) $12,581 with a trend analysis showing that the digital currency could edge beyond the $15,000 mark in the next 24 hours.

For all it is worth, there seems to be more volume behind the current uptake in prices as the total market capitalisation of the digital currency now stands at $223 billion.

Other altcoins such as Ethereum and Ripple have seen price appreciation in the region of 5.80% and 1.41% respectively in the last 24 hours.

Aside the cautious optimism expressed by regulators and other stakeholders, the euphoria of the digital currency markets on the unveiling of Facebook’s Libra digital currency is one of the major drivers of the current uptake in prices.

There are other positive soundbites pushing the bullish run such as the U.S. Securities and Exchange Commission, SEC’s, announcement that it has kicked off the public comment period for a proposed exchange-traded fund (ETF) backed by bitcoin and Treasury bills.

Commission had published a rule change proposal Tuesday which would allow Wilshire Phoenix Funds to list shares of the ETF on the NYSE Arca exchange, announcing the beginning of a 21-day public comment period. The document must still be published in the Federal Register before this clock formally starts, though the regulator is already accepting input.

The SEC has a maximum of 90 days to issue its decision on the matter. The digital currency markets would look forward to the SEC’s decision on the ETF application because of several cancellations to previous applications.

However, other Bitcoin opinion leaders are looking at a higher price mark for Bitcoin in the next few weeks. billionaire Bitcoin investor, Winklevoss twins recently tweeted that Bitcoin could reach $20,000 should not break the $10K price threshold.

By clocking $12K, his price mark might not be outrageous.