Bitcoin has risen above $10,000 for the first time in almost a month as protests in U.S. cities continue to intensify.
At around 23:05 UTC (7:05 p.m. Eastern Time), bitcoin (BTC) rose from $9,895 to around $10,429 over the course of 30 minutes as a new wave of volatility greeted the end of the daily closing period for June 1.
The large spike in BTC's price comes as violence erupts on the sixth day of protests over the death of George Floyd at the hands of Minneapolis police. BTC has since cooled slightly and is currently changing hands for around $10,191, according to CoinDesk's Bitcoin Price Index.
Bitcoin has been gyrating between $8,600 and $10,000 for a period of around 32 days and finally broke above the $10,000 psychological resistance in convincing fashion as traders sought to capitalize on a bullish technical setup.
"ETH broke out already, BTC now having its turn," said Joshua Green, chief investment officer at Orthogonal Trading.
"The macro and fundamental scenario is very bullish, and the market has been shorting into $10,000, under-allocated above $10,000," Green added.
Other notable cryptos are also having their time in the sun with the likes of eos (EOS), cardano (ADA), bitcoin cash (BCH) and litecoin (LTC) having climbed around 5% over a 24-hour period.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.