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Bitcoin climbed above $22,000 on Monday, trading up 5% on the day, hitting its highest level in more than a month. The currency has not traded above $22,000 since June 16, 2022.
The largest currency was up by 5.83% to $21,151 at 3:28 PM ET on Wall Street. The asset has lost some 66% of its value from lifetime highs of $69,000 in November. The second-largest cryptocurrency, ether was trading up 10% over the last 24 hours at $1,477.
On Friday, a member of the Ethereum community tweeted an outline of dates for the long-awaited Merge and prior events. The Merge is set to take place on September 19, 2022. The Merge will see Ethereum switch from the energy-intensive proof-of-work (PoW) consensus mechanism brought to the fore by Bitcoin to a more efficient proof-of-stake (PoS) system.
Despite the rally, the crypto market is still suffering. Both bitcoin and ether are down more than 50% this year. Bitcoin had its worst quarter in more than a decade in the second quarter.
Crypto companies have been selling off whatever assets they have to try to meet their liabilities which has put pressure on the broader market.
Source - Twitter