12.04.201821:18:00UTC+00Bitcoin Jumps to Rise Above $8,000

Bitcoin surged over 17 percent in a sudden upward movement to trade above $8, 000 at one point, according to Coinbase.

The virtual currency hit a high of $8, 011 on Coinbase and continued to be above the $7,500 level in Thursday morning trading.

Trading was volatile and bitcoin was around 11.5 percent higher over the last 24 hours hovering near $7,700 as of 3:31 PM ET. The cryptocurrency surged from a low of $6,786 on Thursday morning and traders are waiting if it can hold above the $7,500 threshold.

The sudden surge coerced traders who had bet against bitcoin to buy back into the market.

Bitcoin has risen above $19, 000 in December, marking an increase of 2, 000 percent over the last 12 months. However, the cryptocurrency has since lost almost two-thirds of its value of given worries regarding regulatory clampdowns and tax-related selling before the U.S. tax deadline on April 17.

Investors to sold or even traded bitcoin in 2017 owe taxes given Bitcoin's status as a property under the IRS, meaning transactions are generally taxed. According to estimates, U.S. households likely owe $25 billion in capital gains taxes for their cryptocurrency holdings. Some traders indicate the sudden move could be an easing of pressure on the cryptocurrency.

Other major cryptocurrencies also rallied on Thursday. Ethereum traded 9.5 percent higher over the last 24 hours close to $463, Coinbase data showed.