Monday morning trading has shown Bitcoin spike to near $10,200, which is more than $700, or about 7.5%, for the last 24 hours on Coinbase, leading US digital currency exchange. Bitcoin was trading near $10,197 as for 9:58 a.m., ET. While also Ethereum added 5.8% and is trading at $836.

Today’s Bitcoin market capitalization is about $173 billion.

The reason for bitcoin rising is not apparent. But maybe the potential reason is that the cross-border currency exchange company Circle announced the acquisition of Poloniex — a leading cryptocurrency trading platform.

According to CryptoCompare, Poloniex is the 14th largest crypto exchange in the world. Company’s daily trade volume is about $142 million. The acquisition would make Circle a direct competitor of Coinbase, leading U.S. digital currency marketplace . According to Fortune, the trade amount could reach $400 million.

Circle is Boston-based peer-to-peer payments technology company, one of the leading players in the over-the-counter market for bitcoin trading. Among Circle’s investors are Goldman Sachs Group Inc and Baidu Inc.

Source:

https://www.cnbc.com/2018/02/26/bitcoin-spikes-700-higher-in-sudden-move.html