Bitcoin Breaks $28,000 For First Time Since May

21 Jun 2023

This Tuesday, the price of Bitcoin surpassed $28,000 for the first time since May 8, Cryptosaurus reports. 

At the time of writing, Bitcoin rose 5.23% to a price of $28,144, after having peaked at $28,211 during the day.

Bitcoin’s market capitalization surged 50% on Monday after news broke that the world’s largest asset management firm BlackRock will introduce a new Bitcoin Exchange-Traded Fund (ETF) this coming Thursday. The Grayscale Bitcoin Trust also saw a 12% rise after the BlackRock news broke.

It’s been a busy spring for Bitcoin, after largely recovering from the general market crash following the FTX debacle earlier in the year and the explosive popularity of Ordinals. But the overall cryptocurrency market has declined thanks to recent actions by the US Securities and Exchange Commission towards cryptocurrency exchanges Binance and Coinbase. Even so, the news of BlackRock’s Bitcoin ETF has revived hope that an approved Bitcoin ETF will finally get through.