Crypto Equities Rise in Pre-Market Trade as Bitcoin Hits 3-Week High

Debt ceiling resolution and bullish Asia news may be setting up the market for increased volatility this week

article-image

Vintage Tone/Shutterstock, modified by Blockworks

share

Despite relatively muted trading in the digital assets market following Memorial Day celebrations in the US, bitcoin has managed to eke out its highest point in almost three weeks, driving crypto-related equities higher.

The world’s largest crypto (BTC) poked above $28,000 on Sunday and Monday, clawing back losses from last week’s low of $25,800, data from Blockworks Research shows.

Even in the face of rising valuations for digital assets this week, bitcoin appears to be closing in on its first monthly loss since December of last year.

The impact of that outcome might not be as widely felt, however, as the narrative surrounding the US debt ceiling finds a potential resolution and Hong Kong allows retail investors to find fresh investment opportunities.

If pre-market trading is any indication of how crypto may react in the coming days, coming off the back of a long weekend, the market may be in for increased volatility.

Publicly-listed US exchange Coinbase stock (COIN) was up 3.9% to $59 on Tuesday in pre-market trade, alongside Marathon Digital, a bitcoin miner — good for 5.8% to $9.52 per share, data shows.

There’s also one day left for the month of May, so it’s still possible that traders may drive up prices and cement bitcoin’s fifth consecutive month in the green. 

The asset would need to close above $30,000 in order not to break its current winning streak — a feat not entirely out of the question given its past performance, according to crypto service provider Matrixport.

“Many investors were scared about the debt ceiling and the potential default by the US government,” Matrixport wrote in a recent research note. “Now, they will need to find something else to be bearish about, as the market likely rallies.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

The convergence of DePIN and energy generation aims to address modern grid challenges by incentivizing distributed generation.

article-image

An improving outlook on tariffs is positive for cryptocurrencies, but a sustained rally is going to take movement on the regulatory front

article-image

Apollo’s Christine Moy explained how the “velocity” of innovation in crypto has led to the evolution of RWAs

article-image

Warren Buffett attributes his astounding investment returns to only about a dozen “truly good decisions” he’s made

article-image

This report has been corrected.

article-image

Stablecoin revenue a bright spot for the crypto exchange in Q1, as trading revenue dropped 19% quarter over quarter

article-image

Creators are being told to “shill” their tokens and cash in on their “cults”