Bitcoin’s price is spiking higher by 7 percent right now

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

The price of the cryptocurrency is up nearly 300 percent 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.