Bitcoin spikes $700 higher in sudden move

Bitcoin jumped back above $10,000 Monday morning amid broad gains in the cryptocurrency market.

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The largest cryptocurrency suddenly spiked in morning trading to near $10,200. That marked a gain of more than $700, or about 7.5 percent, over the last 24 hours on Coinbase, the leading U.S. marketplace for major cryptocurrencies. Bitcoin was trading near $10,130 as of 8:55 a.m., ET.

There was no immediately apparent reason for the gains. Other major cryptocurrencies traded slightly higher, with ethereum up about 5.7 percent near $870 on Coinbase.

Bitcoin 24-hour performance

Source: Coinbase

Cross-border currency exchange company Circle did announce around the time of the spike that it is acquiring Poloniex, a leading cryptocurrency trading platform. Online releases by both companies about the news did not mention an acquisition price.

Poloniex has the seventh-largest market share of U.S. dollar-bitcoin trading volume, according to CryptoCompare.

Interest from Japanese investors was slightly greater than it has been recently, according to data from CryptoCompare. The website showed bitcoin trading in yen accounted for about 55 percent of trading volume, while U.S. dollar trading volume accounted for about 20.5 percent.

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