Bitcoin jumps above $5000, posting biggest weekly gain this year

Bitcoin and other major digital currencies witnessed record highs over the course of trading last week. Bitcoin achieved 27% gains, recording the seventh consecutive weekly rise and the largest since the beginning of this year. These strong gains come with the entry of large cash liquidity into the digital market that made Prices are moving in an ascending range, and the positive atmosphere continues to dominate the performance of the digital market and drive its prices.

Bitcoin has added more than 20 billion dollars during the past week, bringing its total market value to about 93 billion dollars from 73 billion dollars in light of the widespread demand for its purchase, and the total market value of digital currencies rose to its highest level in nearly five months, as it recorded 185 billion dollars. With the strong rise of most major cryptocurrency prices.

Reuters reported that the reason for the price hike was an anonymous buy order of $100 million being distributed on three major cryptocurrency exchanges: Coinbase, US-based Kraken, and Luxembourg-based Bitstamp.

Bitcoin - April 9,

While Bloomberg Agency said that there is a rumor circulating among investors about the approval of the US Securities and Exchange Commission to list bitcoin in exchange-traded funds. XTB Perhaps it was the reason for the sudden rise of Bitcoin.

Cryptocurrency exchange BCB Group CEO Oliver von Landsberg said that a purchase order of about 20,000 bitcoins was made through three sites.

It has been reported that many investors have converted the British pound into Bitcoin before the country's final departure from the European Union, which is supposed to take place on April 12.

The digital markets still do not know the real reason behind the broad rise in the prices of cryptocurrencies.

Among the news that were circulated during the past week about the digital market:

The US Securities and Exchange Commission said that it will not issue its decision regarding the listing of bitcoin in exchange-traded funds until next month.

First Order by Cryptocurrency Index Fund Bitwise Asset Management The second request was submitted by the investment management company VA neck and SolidX.

The authority said in a statement that it needs more time to take appropriate action regarding changing the proposed rule for securities laws and allowing the inclusion of bitcoin in exchange-traded funds, and many analysts believe that approval of this decision will give bitcoin legitimacy and a broad base towards its adoption and adoption. more broadly.

Some reports have said that Japan is seeking more adoption of digital currencies, as Japan's largest railway company, JR East, is considering plans to make the payment method in digital currencies through the use of the Suica payment card.

Mohamed Abdel Khaleq

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