Bitcoin Breaks $8,000, Extends Two-Week Winning Streak

gettyimages 1128135402

Bitcoin climbed above $8,000, extending its longest winning streak since 2013 and giving fresh momentum to a cryptocurrency market that crashed only last year. Just hours after leaping 25% on Monday with no apparent explanation, the largest digital token added as much as 5.9% on Tuesday. That helped push the crypto universe’s total market value to almost $250 billion — a level not seen since last August — as the 10 most-traded tokens also advanced. Speculation over what’s behind the early-May surge runs from a possible squeeze on short positions to investor relief that recent hackings and scandals are getting resolved without disrupting the broader market. Crypto enthusiasts point to a long-standing claim — that their assets have become a haven during market turbulence. “There’s been no shortage of explanations for the recent spike, some more ludicrous than others and none that are nearly significant enough to match the size…

Read the original article here