Bitcoin Surges Past $89K as BlackRock Enters Crypto

Bitcoin surged on Monday morning, breaking above the $89,000 mark, as institutional investors continued to show interest in the cryptocurrency. The price of Bitcoin reached an all-time high of $89,350, according to data from Coinbase.

Institutional investors have been increasingly investing in Bitcoin, with BlackRock, the world's largest asset manager, depositing 18,168.3 ETH and 1,800 BTC to Coinbase in the last hour. This move by BlackRock comes as the company has been exploring the possibility of investing in Bitcoin and other cryptocurrencies.

Whales, or large investors, have also been active in the market. The whale known as "7 Siblings" spent 28.75 million DAI to buy 12,070 ETH after the market dip, indicating a bullish sentiment among large investors. Additionally, Bybit, a cryptocurrency exchange, bought an additional 36,893 ETH via OTC three hours ago.

The 1inch Investment Fund also spent $1.14 million to buy 4.7 million 1INCH tokens, indicating a growing interest in decentralized finance (DeFi) projects. This move by the 1inch Investment Fund comes as the DeFi sector continues to grow and attract more investors.

The surge in Bitcoin's price comes as the cryptocurrency continues to gain mainstream acceptance. Major companies such as Tesla and MicroStrategy have invested in Bitcoin, and more institutional investors are expected to follow suit. As Bitcoin's price continues to rise, it remains to be seen whether the cryptocurrency can maintain its momentum and reach new all-time highs.