Bitcoin Surges Past $10,000 As Protests Rage In US

Bitcoin (BTC) on Monday evening surged past the psychological mark of $10,000 for the first time since February.

What Happened

The world's leading cryptocurrency reached as high as $10,199.56 in the day's trade, its highest level in 90 days, but 26% below its 52-week high of $13,796.49.

The surge comes amid protests raging across the United States following the death of George Floyd, disrupting economic activity, including forcing multiple companies to board up their retail outlets.

Former Wall Street hedge fund manager and CEO of Galaxy Digital Holdings Ltd. BRPHF, Michael Novogratz, on Monday ahead of BTC crossing the $10,000 level said "[all] the tragic turmoil in the [U.S.] adds to the narrative."

$BTC is coiling. It will take out 10k soon. All the tragic turmoil in the USA adds to the narrative. Budgets are going one way and it's the opposite of balanced. When 10k goes it will move fast. Get on the train.

— Michael Novogratz (@novogratz) June 1, 2020

"Also watch Gold vs Bitcoin. [If] that chart breaks [higher,] it will turbo boost Bitcoin," he added.

U.S. futures were trading slightly lower early Tuesday, in contrast with the BTC's surge. Gold was down 0.15% at $1,747.60 as well. Dow Jones, Nasdaq 100, and S&P 500 had all closed higher on Monday.

Price Action

Bitcoin traded 5.7% higher at $10,117 at press time, according to CoinMarketCap data.

Other cryptocurrencies were similarly up in line with expectations, as Bitcoin is mostly known to drive marketwide movements. The overall cryptocurrency market has a valuation of $284 billion at press time.