Bitcoin surpasses $25,000 for the first time since early June

Bitcoin price briefly touched $25,000 on Sunday for the first time since June.

After testing this level several times over the past few days before retreating, Bitcoin BTCUSD,
surged above $25,000 on Sunday night to peak at $25,119, the highest since June 12, according to CoinDesk data. However, it quickly retreated, last trading at around $24,850 at midnight Eastern.

Bitcoin, the world’s largest cryptocurrency by market cap, is down almost 50% year-to-date but has gained 15% over the past month. Investors appear to have been encouraged by better-than-expected US inflation data and an improving stock market; Wall Street just wrapped up its fourth straight week of earnings, a streak unseen since November 2021.

The broader crypto market has also been boosted by optimism about the upcoming Ethereum upgrade known as “The Merge”.

ether ETHUSD,
at around $2,000 as of Sunday night, according to Kraken data, and has rallied 48% over the past month. Still, Ether is down about 46% year-to-date.

Hear from Mike Novogratz on the Festival of the best new ideas in the money on September 21st and 22nd in New York. Galaxy Digital CEO has ideas for navigating the crypto winter. Bitcoin surpasses $25,000 for the first time since early June

Brian Lowry

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