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Bitcoin News: What’s Behind the Bitcoin Rally Today?

Bitcoin news for Tuesday includes the cryptocurrency rallying today.

Bitcoin News: What's Behind the Bitcoin Rally Today?

Source: Shutterstock

The price of Bitcoin was up to $4,740.11 at the time of writing. That represents a little more than a 14% increase for the cryptocurrency. This has the currency breaking out of a slump, which had it hanging between $3,800 and $4,200 for months.

The Bitcoin news about the virtual currency increasing comes one day after a strong performance for the Dow. It’s possible that this may be behind what has the virtual currency increasing in value.

There are also other possible reasons behind the positive Bitcoin news today. Among these is the idea that the market may just be suffering from manipulation. This could mean that we’ll see the cryptocurrency lose what it has gained in just a few days.

It’s also worth noting that Bitcoin, like most cryptocurrencies, is incredibly volatile. That means it isn’t uncommon to see its price widely fluctuate over short period of time. As such, anyone looking to invest should do so with caution, reports CCN.

There are also other theories as to why Bitcoin prices are increasing so much today. This includes the possibility that increases over the last few weeks finally resulted in a major jump for the virtual currency.

Yet another theory claims that part of the reason behind the Bitcoin news has to do with an April Fool’s Day joke. This joke claimed that Bitcoin ETFs had been approved. This may have caused confusion in the market and could have been behind some of the increase, Chepicap notes.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media,

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