Bitcoin rises above $28k

Bitcoin (BTC) surged in value overnight and now trades at more than US$28,000. What is the reason for this?

At the time of writing, the cryptocurrency is trading at US$28,860 (USD). This corresponds to a price gain of 7.3% on a 24-hour basis.

With this approaches BTC also set its highest point of the year at $30,400. This was set on April 15 by digital gold.

The reason is positive price momentum from the institutional financial sector. The world's largest asset manager, BlackRock, is venturing into the crypto sector with a Bitcoin ETF.

Deutsche Bank is also signaling interest in cryptocurrencies. The bank has officially launched a application submitted with BaFin for the coveted crypto custody license.

The asset manager WisdomTree has also applied for a Bitcoin Spot ETF at the SEC. More on this soon.