Bitcoin breaks past $28,000 for first time since May

Quick Take

  • Bitcoin broke past $28,000 for the first time since May 29. 
  • The spike comes amid optimism after BlackRock filed for a spot bitcoin ETF. 

Bitcoin surged past $28,000 for the first time since May 29 on Tuesday.

Bitcoin's price performance between June 19 and June 20, 2023, according to CoinMarketCap.

As of 4:05pm in New York, the world's largest crypto by market capitalization was up 4.7% over the past 24 hours to $28,016, according to CoinMarketCap. 

The surge comes amid optimism after asset manager BlackRock filed for a spot bitcoin exchange-traded fund last week, according to The Block Research's Kevin Peng. The move subsequently had impacts on other bitcoin offerings, such as a 400% spike in trading volume of Grayscale's Bitcoin Investment Trust. 

The gains come as bitcoin is seeing its highest dominance in nearly two years, according to data from The Block. As the U.S. Securities and Exchange Commission said a slew of other cryptocurrencies were securities in recent lawsuits, bitcoin's percentage of the total cryptocurrency market capitalization now sits around 46.6%.

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