Bitcoin prices jumped more than 17 percent abruptly and moved upwards of USD8,000. The sharp rise, making Bitcoin investors buy the asset.
The Coinbase site records the cryptocurrency penetrating USD8.011. Bitcoin rose approximately 11.5 percent over the past 24 hours to near USD7.700.
The rise of Bitcoin from the lowest level at USD6.786, forcing traders who bet against cryptocurrency to buy back into the market.
Bitcoin jumped above USD19,000 in December, up 2,000 percent over the previous 12 months. However, the cryptocurrency loses about two-thirds of its value due to concerns about regulatory and sales crackdowns.
Investors who sold or even traded bitcoins last year owe, because the IRS views cryptocurrency as a property, which means that transactions are generally taxed.
The US regulatory body sees $ 25 billion in capital gains tax for ownership of cryptocurrency. Some traders indicate this increase could be a reversal of the pressure.
according to Coinbase, the other major crypto currency, Ethereum is trading 9.5 percent higher over the past 24 hours approaching USD463.