Bitcoin, the world’s largest cryptocurrency by market capitalization, has once again made headlines as its price surpassed the $30,000 mark 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. This significant price action came shortly after some noteworthy events in the financial world.
Federal Reserve chair Jerome Powell recently stated that payment stablecoins are indeed money, and that the central bank should play a role in approving their issuance. This recognition of digital currencies by such a high-ranking official has undoubtedly contributed to the surge in Bitcoin price.
In addition, the U.S. House Financial Services Committee appears to be on track to vote on new legislation in July. This legislation aims to create a clearer pathway for digital assets to transition from a security status to a commodity. This potential regulatory clarity is another factor that could be boosting investor confidence in Bitcoin.
The Role of Network Activity
The price breakthrough also coincides with a week-long increase in Bitcoin Network activity. On June 14, the network recorded 385,000 transactions. By June 20, this figure had risen by 13% to 435,000. This increase in activity reflects a growing interest in Bitcoin, which could be driving its price upwards.
Bitcoin Dominance Amid Legal Challenges
Despite legal challenges faced by major crypto exchanges, Bitcoin’s dominance has steadily increased throughout June. The U.S. Securities and Exchange Commission has filed lawsuits against Binance and Coinbase, alleging that other tokens, including Solana and Cardano, were securities. Despite these legal battles, Bitcoin has managed to hold its ground and even increase its market dominance, further solidifying its position as the leading cryptocurrency.
In conclusion, the recent surge in the Bitcoin price past the $30,000 mark is a significant event that has captured the attention of investors worldwide. As we continue to monitor the situation, we remain committed to providing you with the latest updates and insights into the world of Bitcoin and cryptocurrencies.