The value of Bitcoin has surged this week to above $30,000, the cryptocurrency’s highest value since June of last year.
On the year, Bitcoin is up more than 80%, after jumping more than 38% in January and another 20% in March. As of Tuesday afternoon, Bitcoin was up to $30,171.51.
What’s driving the rally is unclear, said Edward Moya, senior market analyst for foreign exchange market maker Oanda. But he did offer one possible explanation.
“There isn’t a clear catalyst for this spike,” Moya told CoinDesk. But it could be due in part to “buying from crypto traders voicing frustration on social media over a one-sided New York Times article that took issue over [Bitcoin’s] energy consumption.”
The piece, “The Real-World Costs of the Digital Race for Bitcoin” was published Sunday and received swift backlash from the crypto community.
What is clear is that Bitcoin-linked stocks are joining in on the fun.
Iris Energy, an Australian company specializing in sustainable Bitcoin mining, has seen its shares leap more than 17% to $3.92.
Shares of the cryptocurrency exchange Coinbase Global are also up more than 7% Tuesday afternoon, while Canadian crypto miner HIVE Blockchain Technologies stock has gained over 5% to $3.70.
Contact Andrew Kessel at [email protected]
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