Other market participants said perceptions of bitcoin's resilience in the wake of last week's $40 million theft from the major Binance exchange was supporting sentiment. Blockchain Week is underway, co-sponsored by the New York City Economic Development Corp., and the Consensus forum is set to start, where people are "expecting a higher-quality conference", Lee said.
After an extensive slump since the end of a year ago, Bitcoin prices have now spiked to a nine-month high of nearly $8,000, leaving analysts and enthusiasts questioning what might have caused the sudden uptick.
Optimism is now rife among traders, given the parabollic trajectory of price growth that has shed most forecasts into pieces over the past few weeks. The likes of Fidelity Investments plans to buy and sell Bitcoin for institutional customers soon, and E*Trade is dipping into the trading space. Moreover, such mainstream companies like such as eBay and Whole Foods are also rumored to consider adding cryptos as a means of payment. That compares with US$6,290.24 at Friday's close.
"Maybe we've seen Bitcoin recapture some the previous FOMO behavior", he said in emailed remarks to Bloomberg. Readers are advised to do their own research before investing in Bitcoin or other cryptocurrencies.
And that's aside from the volatility - Bitcoin peaked above $19,000 in December 2017 before crashing back to earth in the succeeding months.