Bitcoin Reaches New June High as More Financial Players Signal Commitment to Crypto

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A Bitcoin ATM, the largest cryptocurrency by market capitalization that operates without any central control and relies on software and peer-to-peer cryptography, at the BitBase booth during Mobile World Congress 2023 on March 10 2023 in Barcelona, ​​Spain.

Joan Cros | Nurphoto | Getty Images

The price of bitcoin climbed on Monday as financial institutions continued to give bitcoin their blessing.

Bitcoin rose more than 5% to $28,064.10, its highest level since early May, according to Coin Metrics. The move pushed his monthly earnings into the green. Ether added 3.7% to trade at $1,786.25. It is still down more than 4% for the month.

Sentiment has been high in crypto since late last week, when BlackRock, the world’s largest asset manager, filed an application for what would be the first-ever cash bitcoin ETF in the United States. The request came a week after the Securities and Exchange Commission sued two of the biggest crypto exchanges, Binance and Coinbase. Many have speculated on the timing of BlackRock’s move, especially with Coinbase as its crypto custodial partner.

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Bitcoin – 1 month

Then on Tuesday morning, a new crypto exchange backed by financial giants Charles Schwab, FidelityDigital Assets and Citadel Securities announced that it had been online for several weeks trading bitcoin and ether.

Fidelity has been actively tracking crypto developments since 2014. In recent years, the company opened the Fidelity Digital Assets division, created a commission-free retail investment app called Fidelity Crypto, and began offering 401(k) investors a access to cryptocurrencies. (an option to be made available by employers).

Many financial players are keen to show their enthusiasm for blockchain technology and how it can advance the old financial infrastructure. However, most are quieter about their views on crypto investing.

As big names like BlackRock and Fidelity lay out their crypto commitments, investors were bullish on Tuesday that part of the reputational risk of conducting any type of crypto activity that some investors believe , has been a mental barrier to buying bitcoin, may begin to fade.

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