with many pointing to low trading volumes as the reason for the increased volatility.
The bitcoin price jump sent the value of the world’s combined cryptocurrencies back over $200 billion.
The reason behind the latest bitcoin price move was not immediately clear, although earlier today some $400 million worth of bitcoin was moved between wallets, according to a bot that tracks big trades.
The bitcoin price has previously been moved by so-called cryptocurrency whales moving large amounts of tokens and the market is more vulnerable to this when trading volumes are low.
The bitcoin price surge from just over $7,000 per bitcoin to $7,800, meant that some $60 million worth of bets against bitcoin were liquidated in minutes on the BitMEX crypto exchange, known as a short squeeze.