Bitcoin has hit its highest level in two months as a long-term bear run that started at the beginning of the year may have finally come to an end.

While nowhere near its record highs, bitcoin was trading at $7,744.04 as of 10:30 p.m. EDT, up from $6,737.56 the same time last week and from a low of $5,848.26 June 26. The last time bitcoin was at the same level was May 23.

The seeming bull run in the price of bitcoin is being attributed to a run of positive news as well as increasing demand.

Leading the list of cryptocurrency-related news and driving the most recent rise in price was a six basis point rise in Japanese bonds off the back of rumors that the Bank of Japan is holding discussions on making changes to interest-rate targets and stock-buying techniques. Although that process does not directly have anything to do with cryptocurrencies, Forbes reported that Japanese traders turned to bitcoin in order to hedge the actions of their central bank, causing its price to surge.

Going back further, bitcoin payments startup BitPay Inc. was awarded a Bitlicense in New York June 16. The next day, Coinbase Inc. was given approval by the U.S. Securities and Exchange Commission and Financial Industry Regulatory Authority to acquire Keystone Capital, making it a fully regulated securities firm capable of offering blockchain-based securities.

Those two may not immediately scream bitcoin, but both increase demand for the cryptocurrency. With BitPay, customers will be able to exchange bitcoin for cash and vice-versa, while Coinbase will be able to offer securities denominated or sold in bitcoin.

The next good news came from the Financial Stability Board, an international body that monitors and makes recommendations about the global financial system on behalf of the G20 group of countries, presenting a framework to monitor the financial stability implications of the developments digital assets. Forbes noted that though regulations are usually viewed negatively, “the market is hungry for (positive!) regulations and considers them as a way to be regarded as more ‘civilized’ and safe.”

Analysts are split on the price of bitcoin going forward — something that never changes no matter which direction the price is heading on a given day. CCN claimed that bitcoin is set for a major breakout once it passes $7,800. Others are predicting a peak of $40,000, while as recently as a few days ago there were predictions of bitcoin falling as low as $5,000.

Image: 159526894@N02/Flickr