The bitcoin price rallied during Monday morning. At the Hong Kong-based Bitfinex, one of the world’s biggest cryptocurrency exchanges, the price rose from $6,200 to $7,700 in the course of an hour and 50 minutes. The price then fell back to $7,200.
But at Bitstamp, one of Europe’s biggest crypto exchanges, the price did not rise as much. There, it peaked at $6,756.
One reason for the rapid increase in price for bitcoin may be due to the fact that tether, a so-called stablecoin that is supposed to follow the US dollar price, dropped sharply in value during Monday morning, according to Cryptowatch.
Some now speculate that many investors sold their tether to buy bitcoin and other cryptocurrencies.
It is also noteworthy that the traditional Asian stock markets have begun the week with a continued decline in prices.