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Bitcoin Crosses $29K for First Time in Over a Month
The world’s largest cryptocurrency has rallied over 8% in the last 24-hours on the back of various traditional finance players jumping into crypto.
Updated Jun 21, 2023, 3:46 p.m. Published Jun 21, 2023, 12:53 p.m. 1 min read
Bitcoin , the world’s largest cryptocurrency by market value, has rallied above $29,000 for the first time in over a month. This comes following an uptick in bullish sentiment in the crypto market as traditional finance (TradFi) players push further into crypto.
Last week, investment giant BlackRock (BLK) filed for a U.S. bitcoin exchange traded fund (ETF) and on Tuesday, Deutsche Bank said it had applied for a digital asset custody license in Germany.
Adding to this, crypto exchange EDX Markets, which received funding from financial heavyweights including Charles Schwab (SCHW), Citadel Securities and Fidelity Digital Assets, started its trading services.
Bitcoin appears to have outperformed the majority of other digital assets following these advancements, gaining over 8% in 24-hours and pushing to a level it has not seen since May 6, 2022.
Some traders see further gains ahead, with the cryptocurrency possibly approaching $30,400.
Read more: Bitcoin Trendline Breakout Suggests Continued Rally to $30.4K: Analyst
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CNBC reported Tuesday that Musk is discussing a merger between Tesla and SpaceX that would tie his tech empire closer together and instantly create the world’s fifth-largest corporate bitcoin treasury, worth $3.3 billion.
What to know:
- Elon Musk is exploring a potential merger of Tesla and SpaceX, a move that would deepen operational overlap in areas such as power infrastructure and AI-related computing.
- A combined Tesla-SpaceX entity would control about 30,221 bitcoin, worth roughly $3.3 billion, making it the fifth-largest public corporate holder of the cryptocurrency.
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