Bitcoin Surges Above $8,000, Then Loses Some Ground

A sudden jump in bitcoin prices forces traders who had bet against the cryptocurrency to buy back into the market

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Bitcoin surged Thursday more than 17 percent in a sudden move to above $8,000 at one point, according to trading on Coinbase.

The cryptocurrency hit a high of $8,011 on Coinbase. 

Trading was volatile and bitcoin was about 11.5 percent higher over the last 24 hours near $7,700 as of 3:31 p.m. ET, according to Coinbase. Bitcoin leaped from a low of $6,786 Thursday morning and some traders are watching whether it can hold above $7,500.

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