CORRECTED: Bitcoin Price Jumps $200 in One Hour

UPDATE: An earlier version of this article stated that the supply of tether had surged $500 million in five minutes, based on data from CoinMarketCap.

Archived versions of Tether's treasury page show similar readings for the stablecoin's supply over the past few days.

Bitcoin's price jumped $200 in an hour and a half on Monday, rising to a 30-day high of $7,800.

The world's largest cryptocurrency by market capitalization climbed after data provider CoinMarketCap showed a sudden jump in the supply of stablecoin tether.

The 5 percent rise in bitcoin's price initially appeared to be preceded by a $500 million increase in USDT's market capitalization, from around $4.14 billion at 20:49 UTC to $4.65 billion at 20:54 UTC.Tether's treasury website currently reads a value of $4,776,470,463.

Archived versions of the page show similar readings over the past few days, suggesting CoinMarketCap's data did not capture the full supply previously.

Traders can deposit U.S. dollars with Tether Ltd., the issuer of USDT, and receive the stablecoin in return.

It remains unclear exactly why bitcoin jumped late Monday.

At the time of writing the Dow Jones Industrial Average is up 0.25 percent while the S&P 500 is up 0.35 percent.

A spokesperson for Tether did not respond to a request for comment, although after this article was published CTO Paolo Ardoino tweeted that CoinMarketCap had corrected its data.