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The last 30 minutes has seen Bitcoin explode higher by over 15% (the biggest move since 2017), breaking above $8,000 on extremely heavy volume as the cryptocurrency tests above its 200-day moving-average.

Speculative chatter on the driver behind the move is Russian oligarchs buying (though we note that Bitcoin actually fell on the announcement of the sanctions last week). This is obviously unconfirmed...

Have Russian billionaire oligarchs started converting their net worth into crypto

— zerohedge (@zerohedge) April 10, 2018
Additionally, and perhaps more likely, this is a reflexive easing from the tax-related selling pressure that many have discussed as a big driver of cryptos downside ahead of next week's tax deadline.

Extremely heavy volume on this upswing... The move peaked at around 16%, before fading back to a more stable 11% gain.