Bitcoin reaches a new high for June as more established financial players show interest in cryptocurrencies

On Monday, the price of bitcoin increased as financial institutions continued to support it.

According to Coin Metrics, Bitcoin increased by more than 5% to $28,064.10, its highest level since early May. The action made its monthly gains positive. To trade at $1,786.25, ether gained 3.7%. For the month, it is still down by more than 4%.

Since late last week, when BlackRock, the biggest asset manager in the world, submitted an application for what would be the first-ever spot bitcoin ETF in the United States, sentiment has been high. The Securities and Exchange Commission sued Binance and Coinbase, two of the largest cryptocurrency exchanges, a week prior to the application. The timing of BlackRock’s decision has been the subject of much speculation, especially considering that Coinbase is its crypto custody partner.

Since 2014, Fidelity has been closely monitoring the progress of the crypto industry. In more recent years, the company established the Fidelity Digital Assets division, developed the commission-free retail investing app Fidelity Crypto, and started providing 401(k) participants with access to cryptocurrencies (a choice that employers must make available).

Investors were hopeful Tuesday that some of the reputational risk associated with doing any kind of crypto business, which for some investors has been a mental barrier to buying bitcoin, may start to dissipate as a result of large names like BlackRock and Fidelity making their cryptocurrency commitments public.