Here are 5 theories for the Bitcoin price spike

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Getty Bitcoin spiked to more than $US7,500 on Sunday, more than double its price in mid-December. Cryptocurrency enthusiasts on Reddit proposed several theories for the sudden rally. They highlighted the US-China trade war, institutional interest, exodus from alt coins, the Bitfinex scandal, and the Binance hack as possible reasons. Watch Bitcoin trade live. Bitcoin spiked to more than $US7,500 on Sunday – a sharp rise from its $US5,000 level at the start of May, and more than double its price in mid-December. Analysts have struggled to identify one single catalyst. “With no major news factors behind the aggressive appreciation, the sharp $US1000 jump over the weekend remains a mystery to investors,” wrote Lukman Otunuga, Research Analyst at FXTM, in a research note. However, crypto-fans have weighed in with competing theories on its sudden rise, which run the gamut from compelling to wildly far-fetched. Here are five reasons for the rise,…

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