{"id":14388,"date":"2018-04-13T00:00:00","date_gmt":"2018-04-12T16:00:00","guid":{"rendered":"https:\/\/www2019.dash.org\/2018\/04\/13\/bitcoin-surges-10-in-an-hour-ahead-of-tax-day\/"},"modified":"2021-09-18T11:37:32","modified_gmt":"2021-09-18T11:37:32","slug":"cnn","status":"publish","type":"post","link":"https:\/\/www.dash.org\/news\/cnn\/","title":{"rendered":"Bitcoin surges 10% in an hour ahead of tax day"},"content":{"rendered":"<h2 id=\"bitcoin-and-four-other-cryptocurrencies-surgerd-on-thursday-with-the-approach-of-tax-day-in-the-united-states\">Bitcoin and four other cryptocurrencies surgerd on Thursday, with the approach of tax day in the United States.<\/h2>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/DNbgvYZiKdY\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Bitcoin<a href=\"https:\/\/www.coindesk.com\/price\/\"> jumped 10%<\/a> in just one hour, adding nearly $1,000 and surging above $7,000 for the first time since Sunday.<\/p>\n<p>Other popular cryptocurrencies including Ethereum, Litecoin and Dash, made double-digit gains as well, ending a month-long sell-off.<\/p>\n<p>Cryptocurrency experts say there are several factors driving the rally, but the most significant is April 17, the deadline to file taxes in the United States.<\/p>\n<p>Ryan Taylor, CEO of Dash Core, which provides software used by Dash traders, said that investors are jumping back into the cryptocurrency market at the end of a tax-related sell-off. He said they\u2019ve been unloading bitcoin and other cryptocurrencies in recent weeks to pay their looming tax bills. But with tax day, April 17, rapidly approaching, most of these investors have paid their tax bills, he said, and some investors have received tax returns that they\u2019re spending on cryptocurrencies.<\/p>\n<p>\u201cThe selling pressure associated with tax day has subsided right now,\u201d said Taylor. \u201cAs people get their tax returns, there may be new money entering the market.\u201d<\/p>\n<p><a href=\"http:\/\/money.cnn.com\/infographic\/technology\/what-is-bitcoin\/?iid=EL\">Related: What is bitcoin?<\/a><\/p>\n<p>It appears that investors are warming back up to bitcoin after a<a href=\"http:\/\/money.cnn.com\/2017\/12\/22\/investing\/bitcoin-plunges-below-14k\/?iid=EL\"> dramatic slump<\/a> that\u2019s been <a href=\"http:\/\/money.cnn.com\/2018\/03\/30\/investing\/bitcoin-btc-price-today\/?iid=EL\">dragging down prices <\/a>since they peaked at $19,086 on Dec. 17, 2017.<\/p>\n<p>Nolan Bauerle, director of research for CoinDesk, a company that tracks cryptocurrency activity, said that short selling has dried up dramatically just since Wednesday, when 44,000 short positions were open for bitcoin. He said that number dropped to 26,000 short positions on Thursday.<\/p>\n<p>\u201cThere was definitely a short squeeze,\u201d said Bauerle. \u201cWe do know that this huge volume of short positions closed up simultaneously to that spike in price.\u201d<\/p>\n<p>Garrick Hileman, co-founder of the cryptocurrency research firm Mosaic, said that in addition to the end of tax season related selling and the short squeeze, the surge in digital currency might also be driven by \u201cheightened geopolitical tensions.\u201d<\/p>\n<p>He said that President Trump\u2019s <a href=\"https:\/\/www.cnn.com\/2018\/04\/12\/politics\/trump-syria-tweet-thursday\/?iid=EL\">rhetoric about bombing Syria<\/a> might be contributing to the cryptocurrency rally.<\/p>\n<p>CoinDesk\u2019s Bauerle said the threat of war and other threats of instability, like the Brexit vote in 2016, have driven the price of cryptocurreny in the past.<\/p>\n<p>\u201cWe have noticed the trend of bitcoin acting as a crisis currency,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<h2 id=\"bitcoin-and-four-other-cryptocurrencies-surgerd-on-thursday-with-the-approach-of-tax-day-in-the-united-states\">Bitcoin and four other cryptocurrencies surgerd on Thursday, with the approach of tax day in the United States.<\/h2>\r\n<p><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/DNbgvYZiKdY\" frameborder=\"0\" allow=\"autoplay; encrypted-media\" allowfullscreen=\"\"><\/iframe><\/p>\r\n","protected":false},"author":1,"featured_media":14398,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[216],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - 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