Bitcoin Price Soars above $10K Within Minutes; What Drove It?

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The price of bitcoin is trending in green after falling more than 30 percent in a week.

The world’s largest cryptocurrency on Thursday soared above the $10,000 level after rising circa 10 percent within minutes. The move uphill took the asset to a new intraday high of $10,799, after which it underwent a minor bearish correction.

Bitcoin is 5.82% Up in the Previous 24 Hours | Source: CoinStats’ Cryptocurrency Portfolio Management App

Analysts believed investor returned to the bitcoin market following Facebook executive David Marcus’ hearings on the Capitol Hill. The lawmakers in both the Senate Banking and House Financial Services Committee took turns at grilling Marcus over Facebook’s plans to launch new cryptocurrency Libra. The hearing also offered members of the US Congress an opportunity to differ Libra from that of decentralized assets.

“There’s bitcoin, and then there’s shitcoin,” said Rep. Warren Davidson (R-Ohio).

Ranking member of the Financial Services Committee Rep. Patrick McHenry (R-N.C.) also cleared that bitcoin is an unstoppable force, stating:

“The world that Satoshi Nakamoto, author of the bitcoin white paper, envisioned is an unstoppable force. We should not attempt to deter this innovation … those who have tried have already failed.”

Bitcoin Uptrend Paused

Nevertheless, the men sitting in the top hierarchy of US politics are still not crypto fans. Treasury Secretary Steven Mnuchin, for instance, said on Thursday that they were about to crack down on cryptocurrency companies/individuals.

“I want to be careful that anybody who’s using bitcoin — regardless of what the price is — is using it for proper purposes and not illicit purposes,” he said in an interview with CNBC. “And there are billions of dollars of transactions going on in bitcoin and other cryptocurrencies for illicit purposes.”

The comments somewhat paused the BTC uptrend. The cryptocurrency slipped by up to 3.87 percent today, according to data provided by CoinStats’ cryptocurrency portfolio management app.

As of now, the BTC/USD exchange rate was $10,465.

Published by Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

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