Bitcoin has surged! Following yesterday’s new “high” of $6,900, bitcoin has jumped by over $700 and is now trading at just under $7,700. It’s a massive step forward following what has been a relatively “rough-and-tumble” week.
The news marks a near 10 percent jump for the father of cryptocurrencies, though bitcoin was trading on Luxembourg exchange Bitstamp for a price of nearly 17 percent higher during the early morning hours. Bitcoin is also joined by other major cryptocurrencies such as ether and Ripple’s XRP, which have both enjoyed 10 percent jumps.
Two analysts claim that large moves which occurred via Bitfinex may have prompted the sudden change. In the past, major trading maneuvers through the exchange have spread to other trading platforms, inherently causing the price to jump suddenly.
Others claim that the news behind the Rockefeller family and Soros Fund Management are the main “culprits” behind the surge. Bitcoin has been known to benefit greatly from vast Wall Street support; this was further witnessed after senior market analyst Matt Greenspan claimed investors were prepared to “drive new liquidity” into the crypto arena, and that they weren’t bothered or worried by bitcoin’s December plunge.
“As far as percentages go, if we are looking at it historically, we have seen these types of pullbacks before. Wall Street is certainly getting involved, and they are building the bridges [to cryptocurrency] as we speak… The important thing is that they’re ready to take on and to inject new liquidity into this market, which at least should even things out and stabilize the price.”
With its newfound support, one could probably expect to see further investor involvement coming from some of the nation’s toughest (and biggest) Wall Street figures as a means of occupying the space before another major bull run occurs.
However, one of the biggest reasons behind bitcoin’s sudden hike could allegedly be the burst in advocates it’s purported to receive. Sharia adviser and compliance officer at Blossom Finance in Jakarta Mufti Muhammad Abu Bakar recently published a document stating that in certain cases, bitcoin falls into “Halal,” and is thereby acceptable according to Muslim law.
One section of the paper reads as follows:
“In Germany, bitcoin is recognized as a legal currency, and therefore qualifies as Islamic money in Germany. In countries such as the U.S., bitcoin lacks official legal monetary status, but is accepted for payment at a variety of merchants, and therefore qualifies as Islamic customary money.”
Halal stands for permitted, while Haram signifies any behavior that is forbidden. With bitcoin’s newfound status per the document, Muslim investors now have a wide and valid opening to the cryptocurrency market. Up until this point, they have largely stayed away due to uncertainty surrounding Sharia guidelines.
Muslims account for 23 percent of the world’s population; overall, there are nearly two billion throughout the globe.
What’s interesting is that the current bitcoin price of $7,600 appears to be a “settled” price. Several outlets and media sources originally discussed a full hike to $8,000 during the early hours – a new high for April. While the coin has fallen somewhat from that mark, further bull behavior is predicted, with prices reaching beyond $8,000 by the end of the week.