It’s a bullish day in the cryptosphere. Paypal makes a blockchain investment and Bitcoin (available on Coinbase) jumps above $5,079 USD.

Bitcoin (available on Coinbase) Jump: April Fool’s Joke?

Bitcoin (available on Coinbase) gained 21% in early trade and has now slightly corrected back down to $4,712 according to CoinMarketCap. However, no one knows why the Bitcoin (available on Coinbase) jump happened in the first place. Now, some investors wonder if the rally was the result of some sort of April Fool’s joke.

Zhao Changpeng, the chief executive officer of Binance, tweeted earlier today that he was “clueless” about what may have triggered Bitcoin (available on Coinbase)’s jump.

Crypto Winter

Packing on over $600 in one night, the last time Bitcoin (available on Coinbase) hit levels like this was in November. The top cryptocurrency plunged more than 70% in 2018 and has been stagnating through most of 2019 thus far. This period has been dubbed the “crypto winter,” and while today’s rally is impressive, analysts believe that “the bounce is not enough to reset crypto winter.”

According to Julien Auchecorne, London-based chief operating officer at XBTO International: “we have no major new products and last year’s big breakthroughs are still in their NAScent stage.”

For Bitcoin (available on Coinbase)’s jump to sustain itself, then bulls should hope for a bigger fundamental reason for the coin to climb.

PayPal

Elsewhere in the blockchain industry, payment giant PayPal has made its first blockchain investment debut.