Bitcoin price breaks past $30,000 for first time since April

Quick Take

The price of bitcoin broke past $30,000 for the first time since April.
The biggest crypto by market capitalization has gained 11.8% over the past month.

Bitcoin, the world's largest cryptocurrency by market capitalization, saw its price surpass $30,000 on Wednesday for the first time since April 19.

The price rose 6.5% over the past 24 hours to $30,153 at 12:19 p.m. in New York, according to TradingView.

The price action came shortly after Federal Reserve chair Jerome Powell said that payment stablecoins are money, and that the central bank should play a role in approving their issuance. The U.S. House Financial Services Committee, meanwhile, appeared to be on track to vote on new legislation aimed at creating a clearer pathway for digital assets to move from a security status to a commodity in July.

Bitcoin price breakthrough

The price breakthrough also comes after a week-long increase in Bitcoin Network activity, which saw 385,000 transactions on June 14, and then a 13% increase to 435,000 on June 20, The Block data shows. The uptick coincides with asset manager BlackRock filing for a spot bitcoin ETF.

Bitcoin dominance has steadily increased throughout June, which could be associated with lawsuits filed against crypto exchanges Binance and Coinbase by the U.S. Securities and Exchange Commission, which said other tokens including Solana and Cardano were securities.