Tuesday marked the first time that Bitcoin has reached a price of over $28,000 since May 8, as reported by CoinMarketCap. As of writing, the cryptocurrency is currently trading at $28,144, a 5.23% increase from the day’s high of $28,211. This significant increase in value has seen its market capitalization grow by 50%.
The recent news of the world’s largest asset management company, BlackRock, filing for a Bitcoin Exchange Traded Fund (ETF) on Thursday has played a pivotal role in the revival of Bitcoin’s value. This, combined with the launch of an investment management platform named Aladdin by Coinbase, has seen the cryptocurrency market remain relatively stable despite recent action from the U.S. Securities and Exchange Commission.
The crypto market has reacted positively to the news of BlackRock’s ETF, with ETH trading at $17.80, a 2.64% increase, Dogecoin at $16.46, a 3.62% increase, and SOL at $0.06, a 0.58% gain.
Although this news is cause for celebration, Bitcoin is still a long way from its all-time high of $68,789, which it hit on November 10, 2021.
