Bitcoin Breaks $28K for the First Time Since May

Jason Nelson
·1 min read
2

The price of Bitcoin broke above $28,000 on Tuesday, the first time the number one cryptocurrency has done so since May 8, according to CoinMarketCap.

At the time of writing, Bitcoin is up 5.23% with a price of $28,144 per coin, with a high of $28,211 for the day.

Bitcoin's market capitalization rose 50% on Monday after news broke of the world's largest asset management firm BlackRock filing a new Bitcoin Exchange Traded Fund (ETF) this coming Thursday. Grayscale Bitcoin Trust also saw a 12% bump after the BlackRock news surfaced.

Bitcoin Daily Transactions Hit All-Time High With 3 Million Ordinals Inscriptions

It's been a busy spring for Bitcoin, after largely recovering from the broad market collapse following the FTX debacle at the start of the year and with the explosive popularity of Ordinals. But the overall cryptocurrency market has otherwise slumped thanks to recent actions by the U.S. Securities and Exchange Commission towards giant cryptocurrency exchanges Binance and Coinbase. Still, the news of BlackRock's Bitcoin ETF has revived hope that a Bitcoin ETF will finally be approved.

No stranger to the crypto market, BlackRock has been working with Coinbase, which BlackRock would use to custody the ETF. In 2022, BlackRock partnered with Coinbase to launch an investment management platform dubbed Aladdin for trading digital assets.

In a case of a rising tide lifting all boats, ETH is trading at $17.80 per coin, up 2.64%, Dogecoin at $0.06, up 0.58%, and SOL is trading at $16.46, up 3.62%, according to data from Coin360.

While the upward momentum of Bitcoin may be a cause for celebration for some, it is nowhere near the all-time high of $68,789, which the digital asset hit on November 10, 2021.