Bitcoin has reached a two-month high and is trading for above $8,700, in a big day for the crypto market.

The price of Bitcoin (BTC) has surged by nearly 8 percent within the last 24 hours, according to data from Messari.

Bitcoin is now trading well above $8,500 per coin for the first time in weeks. The world’s top cryptocurrency by market cap is currently hovering around $8,700 per coin, which represents a two-month high.

Earlier today, an Internet shutdown in Venezuela was linked to another jump in BTC’s price, potentially as a reaction to the news. The National Assembly of the socialist nation voted to implement restrictions to various social media platforms, and the price spike and the shutdown appear to coincide.

Bitcoin and other forms of crypto, such as Dash, remain popular payment options in Venezuela given the hyperinflation of its national currency, the bolivar.

Meanwhile, the rest of the market appears to be following Bitcoin’s lead. Ethereum is up nearly 13 percent on the day, trading for $162 per token, while Bitcoin SV has hit an all-time high of $328 per coin.

By Nicholas Marinoff

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