Bitcoin Surges Past $85,000 as 'Virtual Currency Winter' Looms Over
The price of Bitcoin has surpassed $85,000 for the first time in about eight months. This rebound comes after it plummeted due to the U.S. Senate's failure to pass the 'clarity law' and the Federal Reserve System (Fed) raising interest rates.
Since then, Bitcoin has turned upward as it digested related bad news. The recent decline in international oil prices and the spread of optimism in the asset market ahead of the summit between U.S. President Donald Trump and Chinese President Xi Jinping have also contributed to the price increase.
Ethereum, the second-largest cryptocurrency by market capitalization, has also risen 4.55% from 24 hours ago to $2,750.
Funds are flowing into the entire virtual currency market, with the overall market capitalization increasing to $2.8 trillion, its highest since January. This surge in funds has led some analysts to believe that the 'virtual currency winter' may be coming to an end.