Bitcoin's price is spiking higher by 7% Monday

The price of bitcoin rose sharply on Monday with its price spiking up 7% Monday morning, according to Coindesk market data.

The price of the cryptocurrency is up nearly 300% year to date. It was unclear what was behind Monday's sudden move higher.

Bitcoin is still under the $4,000 level, which it broke through after JPMorgan CEO Jamie Dimon said bitcoin is a 'fraud' that will eventually blow up on Sept. 12. In addition, mid-month reports regulators in China have ordered bitcoin exchanges to close hurt the digital currency's price.

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